- Renowned financial analyst John Bollinger discusses the success and failure of Bollinger Bands in predicting Bitcoin’s rise.
- Bollinger highlights the recent test of the lower band and its successful outcome.
- According to Bollinger, the price is expected to continue rising after testing the lower channel and moving beyond the upper channel boundaries.
On June 21, John Bollinger, the creator of Bollinger Bands, shared his thoughts on Bitcoin’s reaction to the indicator in a tweet. He suggested that the ongoing rise in Bitcoin will likely continue based on the response it has shown to the Bollinger Bands in the daily timeframe.
John Bollinger Comments on Bitcoin’s Rise and Bollinger Bands
Bollinger points out that in early June, when Bitcoin declined to $25,700, it tested the lower band of the indicator but did not result in a significant rise. However, the test that occurred last week at around $25,100 was successful.
Regarding this, Bollinger stated, “The first attempt failed, but the second one succeeded.”
Based on the interpretation of the Bollinger indicator, Bollinger expects the price to continue rising after testing the lower channel and moving beyond the upper channel boundaries shortly after.
Furthermore, Bollinger suggests that examining the chart in a broader time frame could provide more clarity on the perspective. In the past, it has been observed that when the price broke the upper channel of the Bollinger indicator, it tended to move upwards.
According to TradingView data, Bitcoin has gained 10.0% in the last 30 days and experienced a 3.9% increase in the past 24 hours, currently trading at $30,032.
