Is Bitcoin Ready To Bottom Out? Veteran Analyst John

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Aso Lulu, Iuni 29, 2022 11:45 AM

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Is Bitcoin Ready To Bottom Out? Veteran Analyst John Bollinger Weighs In on State of BTC

A seasoned crypto analyst is closely tracking Bitcoin (BTC) price action as he attempts to determine whether the leading crypto by market cap has carved a bottom.

John Bollinger, the technical analyst who invented the Bollinger Bands metric, tells his 222,100 Twitter followers that after BTC’s drop from its all-time high of $69,000 to below $20,000, Bitcoin may actually be in a position put in a macro bottom.

“Ata atoatoa le lua (M-ituaiga) pito i luga i le BTC/USD i luga o le siata masina ua maeʻa ma le faʻamaoniga a BandWidth ma %b e taʻitaʻia i se pine o le Bollinger Band pito i lalo. Leai se faʻailoga o se tasi, ae o se nofoaga talafeagai lea e tuʻu i lalo."

puna: John Bollinger/Twitter

While traders use Bollinger bands to predict an asset’s next volatile move, the bands themselves could also indicate potential reversal areas. Traders view the upper band as resistance while they see the lower band as support.

I le tulaga o Bitcoin, Bollinger highlights that BTC has managed to stay above the lower band on the monthly chart, suggesting Bitcoin could carve a bottom at current prices.

Bollinger’s analysis comes as leading analytics firm Santiment says they’re seeing positive on-chain signals for BTC. According to Santiment, interest in Bitcoin has risen this month, indicating that traders are taking a break from heavy altcoin speculation.

"Bitcoin o loʻo vaʻaia le faʻateleina o talanoaga i le afa mulimuli o Iuni ina ua maeʻa le toʻatele o altcoins ua pa'ū 80% pe sili atu mai a latou tau faʻamautu maketi Novema. I le tala faasolopito, o le faʻaitiitia o tului i pamu alt inorganic o se faʻailoga lelei mo crypto.

puna: Santiment/Twitter

Fai mai foi Santiment, a o toe toso le maketi crypto i le faaiuga o le vaiaso, na ave e le aufaioloa le faamuamua i le pupuu altcoins.

“As prices gradually fell on Sunday, traders have shown that though they may proclaim to be buying the dip, they are shorting more on these mini drops. Interestingly, this only applies to altcoins right now, indicating that Bitcoin ua lolofi atu e fai ma malutaga.

puna: Santiment/Twitter

I le taimi o le tusitusi, Bitcoin o loʻo fefaʻatauaʻi mo le $20,300, i lalo 2.6% i le aso.

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