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Legendary trader Bollinger shares crucial Bitcoin (BTC) price update.
Alex Dovbnya
Legendary trader John Bollinger believes that the price of Bitcoin will continue to consolidate
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In a recent post on social media platform X, legendary trader John Bollinger expected that Bitcoin, the leading cryptocurrency, would continue to consolidate within the current range.
Bollinger noted that the flagship coin failed to register a price rebound after the two-bar reversal in the lower Bollinger band.
On June 25, the creator of one of the most popular trading instruments said that the “nice” two-bar reversal should have been enough for a price jump. The chart suggested that the cryptocurrency could potentially test the highs. However, this was not the case.
In 2021, Bollinger She said that the two-bar reversal was one of his favorite trading patterns. In fact, he once called it his “bread and butter” trade.
According to the chart, the ideal two-bar reversal occurs when both bars are greater than the Average True Range (ATR), which is a popular indicator of market volatility. According to Bollinger, both bars should be wide-ranging. The first bar should close outside the upper Bollinger Band followed by a close inside (or vice versa). This is a very useful strategy when dealing with counter-trend trades, according to Bollinger.
The price of the leading cryptocurrency is currently stuck at $60,181, according to CoinGecko data. Earlier today, it managed to recover the $62,000 level, but this bullish momentum quickly ran out of steam.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.