Has Bitcoin Finally Found a Bottom? Bollinger Bands Inventor Explained!

While investors are eagerly waiting for the downtrend in Bitcoin to end and the rise to begin, John Bollinger, the creator of Bollinger Bands, stated that there is a bottom formation in BTC. At this point, John Bollinger said that Bitcoin Bollinger bands are trying to form a double bottom formation, but this has not been confirmed yet. Following the sharp declines, John Bollinger said that Bitcoin may be forming a classic “W” bottom pattern based on the %b indicator. The %b indicator measures the closing price of an asset based on its position within the Bollinger Bands. This means that Bitcoin has formed a bottom according to the Bollinger Bands. “According to Bollinger Bands, a classic W bottom is forming in the Bitcoin/USD trading pair. However, this still needs confirmation. Because Bollinger Bands on both the weekly and daily time frames show that a trend reversal has not yet occurred.” While confirmation is still needed, it could signal a potential price recovery, according to Bollinger. “W” bottoms occur when prices make a higher low and touch the lower band. Experienced analyst Timothy Peterson also shared his expectations for Bitcoin, predicting that Bitcoin could only rise after stocks find their bottom. *This is not investment advice. Continue Reading: Has Bitcoin Finally Found a Bottom? Bollinger Bands Inventor Explained!

Source: BitcoinSistemi