Bollinger Bands Creator Says Bitcoin's Bear Market May Be Over — Here's the Pattern He's Watching
(90 days ago) · 1 source · Summarized by CryptoBipto
John Bollinger, the creator of the widely-used Bollinger Bands technical indicator, has identified a potential 'W'-shaped reversal pattern in Bitcoin's price action. He suggests this classic double-bottom formation could signal the end of Bitcoin's bear market and the beginning of a new upward trend.
WHY IT MATTERS
Think of a 'W'-shaped reversal like a ball bouncing off the floor twice — each bounce shows the floor is solid and the ball isn't going to fall through. In trading, this pattern suggests that sellers have tried to push the price lower twice and failed, meaning buyers are likely taking control. John Bollinger is a legendary figure in the trading world — he invented a tool (Bollinger Bands) that almost every professional trader uses to measure whether prices are unusually high or low. When someone of his stature says Bitcoin's bear market might be ending, it's like a renowned weather forecaster saying the storm is passing. It doesn't guarantee sunshine, but it's a credible signal worth paying attention to.
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Clear explanations of the subjects this article touches, with every term defined.
- What is technical analysis, and how are crypto charts read?How crypto charts are read — candlesticks, support and resistance, trends, chart patterns and indicators such as RSI, MACD and Bollinger Bands.
- What are crypto market cycles and market sentiment?Bull and bear markets, all-time highs, capitulation, whales and the sentiment vocabulary crypto markets use, each explained on its own page.