- Analyst John Bollinger identifies a bullish two-bar reversal pattern near Bitcoin’s lower Bollinger Band.
- If the pattern holds, Bitcoin could bounce and test previous highs around $72,000.
- Watch $62,140 pivot point and resistance levels at $63,440 and $64,510.
As Bitcoin’s price hovers above $60,000, analysts are closely monitoring its movements. Among them, John Bollinger has shared his insights, shedding light on potential trends.
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Bollinger, the creator of the Bollinger Bands indicator, recently pointed out a two-bar reversal pattern on Bitcoin’s price chart. This pattern appeared near the lower Bollinger Band, suggesting an imminent bounce.
He stated that it is a lovely two-bar reversal at the lower Bollinger Band that occurred at a logical place. Using a price chart to illustrate his analysis, Bollinger described how the two-day candlestick reversal near the lower band could result in a significant price increase.
If this anticipated reversal comes to fruition, Bitcoin’s value could rise substantially, potentially reaching around $72,000. Traders are now discussing Bollinger’s insights, injecting a layer of optimism into the cautious market sentiment.
Technical Analysis
Bitcoin’s 4-hour chart indicates a pivot point at $62,140, which could determine the market direction. Immediate resistance levels are at $63,440, followed by $64,510 and $65,710.
On the downside, support stands at $60,620, with further levels at $59,670 and $58,630. The Relative Strength Index (RSI) currently sits at 48, indicating neutral market conditions.
Bitcoin remains bearish below the $62,140 pivot point. A break above this level could shift the bias toward bullish momentum, while staying below may trigger further selling pressure.
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