The legendary technical analyst John Bollinger emphasized what he calls the “classic Bollinger band in Bottom”, which can be created on Parie Bitcoin BTC/USD. According to him, it seems that BTC has found support in the area of ​​USD 74,000, establishing characteristic double minima, which define the W. -shaped reversal pattern, in particular Bollinger accented The fact that the configuration should still be confirmed: “the classic Bollinger Band configuration in Btcusd. Still requires confirmation.”

Is Bitcoin downstairs?

The chart shows that Bitcoin moves the decrease from mid -January nearly $ 110,000, and the last price campaign focused around the lower group of Bollinger bands. The upper band is 108,837 USD, while the bottom bar is 77 138 USD, which suggests a relatively wide range of variability every week. The middle Bollinger line is almost USD 93,000.

Bollinger’s indication to the bottom is based on the creation of two separate troughs in brisk succession, as can be seen in both price data and the oscillator readings below the chart. The first trough materialized when BTCUSD fell from a height of about USD 90,000 to the middle of $ 76,000, and then gathered before returning to a comparable support area of ​​around 74,500 USD. Until now, the repetitive immersion of this horizontal level of support, which Bollinger identifies as a potential base of stubborn reversal – although it warns that the final movement above the intervening swing near $ 90,000 will aid confirm this classic chart pattern.

Other market guidelines include slightly lower commercial volumes, which suggests that intensive sales, which reduced Bitcoin from its last peak, may facilitate. The oscillator of the map of the map, which follows overcrowded and sold out conditions, confirms this thesis, creating the bottom near its lower limit. Although this adaptation to the price campaign suggests a possible bottom, many technical analysts are looking for an oscillator, which convinces convincingly above its middle point to confirm that the shoot has actually changed in favor of buyers.

Bollinger, invented by John Bollinger, measure variability by placing the envelope lines above and below the movable average. When these teams expand, the market usually has great fluctuations; When narrow, variability decreases. In the case of Bitcoin, they remained relatively wide, reflecting the dramatic range of cryptocurrency from less than 20,000 to six data in the last two years.

While the conversation about the bottom caused optimism among those stubborn traders, the Bollinger reminder that “must still be confirmed”, emphasizes the importance of solid observation in the price. If Bitcoin can break above $ 90,000 on a solid volume, the long -awaited confirmation of this pattern would be at your fingertips. Until then, give it only an opportunity.

During the BTC press it traded at USD 81 3,36.

A distinguished painting created from Dall.e, chart from tradingview.com