John Bollinger, a legendary chartist known for creating Bollinger Band Indicators, recently took him to the X Social Media Network problem Technical analysis warning.
He notes that Bitcoin and several other cryptocurrencies have set up “head fakes” following the Bollinger Band Squeeze.
The term originally from basketball refers to a particular asset that moves sharply in one direction before turning the course back, thus catching the trader outside the decoration.
Bear trap?
On August 3rd, Bitcoin plunged to a weekly low of $111,919 in Bit Stamp Exchange, recovering to $115,732 earlier this week.
Bollinger probably points to this fake headfake, which became the Bears trap.
In particular, the legendary technical analyst added that he cannot observe the same pattern on charts of funds (ETFs) trading on cryptocurrency exchanges, as he does not trade on weekends.
Bitcoin is currently changing hands on BitStamp Exchange for $115,229.
Bollinger’s Foresight Prediction
As Reported by U.TodayBollinger correctly predicted that Bitcoin was set up for a breakout in early July.
Bitcoin hit a current all-time high of $122,838 on July 14th.
