Expert That Called Bitcoin Rise to $10,000 Recommends Bottom is Nearing

November 26, 2019

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In the middle of October, John Bollinger, the popular technical expert behind the Bollinger Bands indication, said that Bitcoin (BTC) was visiting a so-called “head phony.”

For those uninformed, a head phony in technical analysis terms is when a possession falls out of the Bollinger Bands, a sign that approximates trading varieties, then strongly snaps back into the variety as if the property has actually participated in either a bull or bear trap.

Great capacity for a Head Phony in$BTCUSD Wait on it. https://t.co/JR0rYZdUfS

— John Bollinger (@bbands) October 16, 2019

2 weeks after he made this call, the head phony played out. Completely. After Bitcoin closed listed below the lower Bollinger Band on its one-day chart, the cryptocurrency leapt by 43% in a single day’s time to return to the Bollinger Band variety, hitting $10,500 from $7,300. The call was impressive.

Bollinger just recently described what he anticipates for the Bitcoin and cryptocurrency market to do next. And considering his previous call, this one perhaps should not be taken so gently.

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Bitcoin Bottom Inbound

The popular service technician just recently kept in mind that the “setup is looking excellent” for the crypto market to see a “turkey week bottom,” referencing the truth that it is American Thanksgiving today.

Turkey week bottom in crypto area? The setup is looking excellent. $BTCUSD

— John Bollinger (@bbands) November 25, 2019

There is a confluence of technical signals that support this belief.

Per previous reports from this very outlet, Marcel Hamburger, the head of a crypto financial investment shop based in the Netherlands, just recently kept in mind that Bitcoin’s one-week chart is still revealing indications of strength, regardless of the definitely harsh 20% drop seen over the previous week.

He kept in mind that BTC’s one-week candle lights are presently painting a huge bull flag, marked by parallel lower highs and lower lows. If this textbook pattern plays out completely, the cryptocurrency will continue greater into the start of 2020, possibly back into the five-figures variety, after a strong breakout to the advantage.

With the S2F design in the back of your mind this chart does not look that bad. Huge bull flag and still relatively near to the 61.8 fib. pic.twitter.com/JKdmrGjx3b

— urger (@BurgerCryptoAM) November 25, 2019

That’s not all. Hamburger continued that Bitcoin stays simply listed below the essential 0.618 Fibonacci Retracement level, which some experts call the “golden pocket” of assistance. If the cryptocurrency handles to turn that level into an assistance level, it would recommend that advantage might be had in the weeks and months that followed.

This optimism has actually been echoed by popular trader Dave the Wave, an expert that called the drop to $6,700 some months ago while everybody was requiring $20,000 He said that with BTC trading at the bottom of a medium-term channel and the RSI reaching an oversold level, he would be inclined to recommend that Bitcoin is prime to see a bounce.