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bitcoin bollinger bands
Nexo Logo

Time To Pay Attention: Famed Bollinger Band Creator Comments On Bitcoin

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Technical analysis
Reading Time: 3 mins read
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With Bitcoin trading sideways for so long and volatility dropping to such uncharacteristic lows, crypto analysts are watching the Bollinger Bands closely.

Even the tools creator has since spoken out about the current price action in BTCUSD. In the past, when he speaks, a major move often follows. Is it once again time to pay attention to Bitcoin?

Bitcoin Holds Nine Consecutive Days Above Middle-BB, Bollinger Bands Continue To Contract

The first-ever cryptocurrency has spent the last over 75 days consolidating below its most important resistance level ever.

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Bitcoin and other crypto-assets are historically known for their wild and explosive volatility. But that’s not at all been the case for several weeks now, leading to boredom in the crypto market.

It’s caused traders to get shaken out or move to the sidelines, or as we’ve seen, move onto altcoins. Altcoins everywhere have been surging, with a few setting new all-time high price records.

But because things have become so stagnant in Bitcoin, is has prompted crypto analysts to dig into a technical analysis tool called Bollinger Bands.

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Related Reading | Bollinger Band Contraction Could Send Bitcoin Flying 50% Or More

The tool consists of a moving average and two standard deviations, acting as the upper and lower “bands.” As much as 90% of price action takes place within the bands. Reversals also take place when price reaches the top or bottom, giving them a band-like effect.

The bands widen and contract depending on volatility. And because the notoriously volatile asset is so lacking in volatility lately, analysts are comparing instances where the bands have tightened this much to make sense out of what to expect next.

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Data shows that the bands have contracted to historic lows – lows that often trigger an explosive move. After yesterday’s powerful rebound from low $9000s, it has even caused the creator of the Bollinger Bands to speak up about Bitcoin.

Starting to get constructive on $BTCUSD again.

— John Bollinger (@bbands) July 14, 2020

BTCUSD Price Action Gets Constructive, According to John Bollinger

According to John Bollinger, the creator of the technical analysis indicator Bollinger Bands, it is “starting to get constructive,” in BTCUSD once again.

The tool creator’s comments came after yesterday’s strong bounce at the middle line on the Bollinger Bands on BTCUSD daily price charts.

The leading cryptocurrency by market cap has now held nine consecutive daily candle closes above the middle-line. The current price action is in the process of testing it for the tenth time in a row on the daily.

bitcoin btcusd bollinger bands

Bitcoin BTCUSD Bollinger Bands Daily | Source: TradingView

Bollinger’s comments are likely in reference to this fact. An asset’s price falling through the middle line of the Bollinger Bands can act as a signal to sell or short.

Above the middle line, the opposite is true. The middle line supporting price for nine daily candles either suggests that its time for Bitcoin to test the upper band, or it could be the last stand before a major drop.

Related Reading | Bitcoin Closing Above This Level Triggers The Most Profitable Buy Signal Ever

Other times Bollinger has appeared, telling the public “it’s time to pay attention,” usually an explosive move follows. And while that’s not what his comment was this time around, due to how tight the Bollinger Bands are and with so many tests of the middle line, it certainly is time to pay attention to BTCUSD.

Tags: bitcoinBollinger bandsbtcusdBTCUSDTcryptoJohn Bollingerxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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