In a current publish on the X social media platform, legendary dealer John Bollinger predicted that Bitcoin, the main cryptocurrency, would maintain consolidating inside its present vary.
Bollinger famous that the flagship coin failed to tug off a worth bounce after its two-bar reversal on the decrease Bollinger Band.
On June 25, the creator of one of the crucial fashionable buying and selling instruments mentioned that the “beautiful” two-bar reversal was purported to be ample for a worth bounce. The chartist urged that the cryptocurrency might probably check the highs. Nonetheless, this wasn’t the case.
Again in 2021, Bollinger mentioned that the two-bar reversal was considered one of his most favourite buying and selling patterns. Actually, he as soon as known as it his “bread and butter” commerce.
In response to the chartist, the best two-bar reversal happens when each bars are larger than the common true vary (ATR), which is a well-liked market volatility indicator. Each bars needs to be big-range bars, based on Bollinger. The primary bar ought to shut exterior the higher Bollinger Band adopted by an in depth inside (or vice versa). This can be a very helpful technique on the subject of counter-trend trades, based on Bollinger.
The value of the main cryptocurrency is at the moment sitting at $60,181, based on CoinGecko knowledge. Earlier at this time, it managed to reclaim the $62,000 degree, however this bullish momentum shortly fizzled out.