In a recent post on social media platform X, legendary trader John Bollinger foretold that Bitcoin, the leading cryptocurrency, would continue to consolidate within its current range.
In a recent post on social media platform X, legendary trader John Bollinger foretold that Bitcoin, the leading cryptocurrency, would continue to consolidate within its current range.
Bollinger noted that the flagship coin failed to stage a price rebound following its two-bar reversal at the lower Bollinger Band.
On June 25, the creator of one of the most popular trading tools said that the “beautiful” two-bar reversal was supposed to be enough for a price jump. The chartist suggested that the cryptocurrency could potentially test the highs. However, this was not the case.
Godfrey BenjaminIn 2021, Bollinger saying that the two-bar reversal was one of his favorite trading patterns. In fact, he once called his trading his “bread and butter.”
According to the chartist, the ideal two-bar reversal occurs when both bars are greater than the average true range (ATR), which is a popular market volatility indicator. According to Bollinger, both bars should be large range bars. The first bar should close outside the upper Bollinger band followed by a close inside (or vice versa). According to Bollinger, this is a very useful strategy when it comes to countertrend trading.
Alex DovbnyaAccording to CoinGecko data, the price of the leading cryptocurrency is currently at $60,181. Today, it managed to regain the $62,000 level, but this bullish momentum quickly faded away.
