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bitcoin John Bollinger reversal pattern btc
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Third Time’s The Harm: Trader Warns Of Bitcoin Reversal Pattern

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is back at local highs, but still struggling to set a new record beyond $61,800. The lack of a further push by bulls even with positive news out of PayPal, has caused one iconic trader to warn of the possibility of a topping pattern forming.

The theory is based on a set of technical analysis tools the trader himself created. But what exactly is a “Three Pushes to a High” pattern and what might it suggest about the coming price action?

John Bollinger, Bollinger Band Creator, Warns Of Bitcoin Reversal

The leading cryptocurrency by market cap is only a few hundred dollars below $60,000 – an area that has resulted in repeated rejections. It has been the first major area of supply catching up with the overwhelming demand for Bitcoin ever since the pandemic first began.

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But as the dollar strengthens, and gold prices fall early bull run levels, Bitcoin could see its first major correction. Various technicals are overheated, causing the once powerfully trending cryptocurrency to respond less and less positively to news that drives adoption further.

Related Reading | Career Commodities Trader Warns Bitcoin Community Over Coinbase Concerns

For example, the Tesla pump has yet to retrace, while the following rally related to the announcement that the company had enabled Bitcoin for payments was immediately wiped out.

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The most recent bullish news, has PayPal finally enabling its customers to use crypto at its millions of merchants globally. However, further record highs have yet to materialize. The lack of continued enthusiasm around the asset class has prompted iconic trader John Bollinger to warn of a potential topping pattern in Bitcoin.

With the Paypal news fully in the market (payments start today) and no new high for $BTCUSD traders should start considering the possibility of Three Pushes to a High.

— John Bollinger (@bbands) March 30, 2021

 

What Is A Three Pushes To A High Technical Chart Pattern?

Bollinger, who created the Bollinger Bands technical analysis indicator, often speculates publicly via Twitter regarding his thoughts on where Bitcoin goes next. In the past, he’s given a heads up and told the trading community when it’s “time to pay attention,” but ultimately leaves the predictions up for debate.

His latest tweet warns that Bitcoin could be forming a Three Pushes to a High pattern. He offers no further clues as to why he’s making such a warning, only calling the rare pattern by name.

In technical analysis, there’s all sorts of patterns, mostly following a naming convention mimicking the shapes they take, such as triangles or head and shoulders. But there’s a wide world of wacky patterns across Japanese candlesticks and indicators themselves that provide potentially profitable trading signals.

bitcoin bollinger bands three pushes to a high

Not all the conditions are met currently for the pattern to confirm | Source: BTCUSD on TradingView.com

Because the pattern is rare, there’s very little educational materials that exist aside from those instructed by Bollinger himself. Upon further research, Bollinger in the past has shared the conditions as part of  a “micro-lesson” in TA.

Related Reading | Heads Up: Bearish Bitcoin Technical Pattern Shouldn’t Be Shrugged Off

The living legend reveals that a Three Pushes to a High typically is accompanied by lower peaks in %B, the Bollinger Band Width turning down, and finally, confirmation when the BBTrend tool also turns down. As of right now, that’s the missing piece of the puzzle.

bitcoin bollinger bands three pushes to a high zoomed

But they sure appear similar to the last time the bullish impulse ended | Source: BTCUSD on TradingView.com

Zooming out shows that this might not be the first instance of this pattern, and could also indicate that a more extended peak is near – at least potentially for several months, until demand is reestablished and prices move higher.

Because BBTrend hasn’t turned down, there’s a chance not all conditions have been met yet for a deeper correction to yet trigger.

If Mr. Bollinger is incorrect about the theory, and he’d be the first to agree that these are simply predictions based on probabilities, then Bitcoin will blast off like never before.

Featured Image From Deposit Photos, Charts From TradingView.com
Tags: bitcoinBollinger bandsbtcbtcusdBTCUSDTcryptoJohn 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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