- John Bollinger recently took a moment to reflect on his latest observations regarding the current market trends of Bitcoin.
- John Bollinger, the creator of the popular Bollinger Bands tool, took a moment in his recent tweet to review his latest comments on Bitcoin.
- Bitcoin’s upward momentum continues impressively, surging over $44,000 with nearly a 5% increase in the last 24 hours.
Market analyst John Bollinger shared his views on the recent upward rally in Bitcoin price: Here are the comments from the renowned analyst!
John Bollinger Analyzes the Increase in Bitcoin Price
John Bollinger, a market analyst known for his expert opinions in market analysis, recently took a break to contemplate his latest observations on the current market trends of Bitcoin. This observation comes as Bitcoin continues to reach new highs in the ongoing bullish market trend.
Bollinger, the creator of the popular Bollinger Bands tool, took a moment in his recent tweet to review his latest comments on Bitcoin. Bollinger’s recent analysis indicates that Bitcoin is trading beyond the daily and weekly Bollinger Bands and that the bullish trend is continuing strongly without any signs of divergence.
On November 21, a two-bar reversal pattern was observed on the middle Bollinger Band, further confirming Bitcoin’s strong price momentum. This assessment aligns with a period where Bitcoin has consistently reached new highs in 2023. Meanwhile, Bitcoin, with a nearly 4.5% increase in the 24-hour period, surpasses $44,000, targeting the next resistance level.
Bitcoin’s upward momentum continues impressively, surging over $44,000 with nearly a 5% increase in the last 24 hours. Notably, the cryptocurrency shows no signs of slowing down or an immediate pullback.
However, a broader technical analysis suggests that Bitcoin could be approaching a significant retracement zone. Looking at a weekly time frame, a range block appears between $48,000 and $50,000.
Stabilization Around $43,000
Following the recent surge, Bitcoin is showing stabilization around $43,000. Interestingly, despite the impressive rally, market sentiment remains in the “Overbought” state, consistently scoring in the 70s.
This cautious optimism deviates from the “Overbought” zone often associated with market peaks. As long as Bitcoin continues its bullish trend, Bollinger’s reassessment provides a nuanced perspective on the ongoing rally of the cryptocurrency and potential market dynamics.
