Bitcoin’s Bullish Leap: Trading Guru John Bollinger Weighs In On BTC Ongoing Rally

Samuel Edyme

1 year ago

3 mins read

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John Bollinger, known for his expertise in market analysis, has recently shared his insights on Bitcoin’s current market trajectory, noting that the premier cryptocurrency is exhibiting “signs of strength.” This observation comes when Bitcoin consistently sets new highs amid the ongoing bull run.

The asset has experienced a surge, climbing above $44,000, representing a 4.5% increase over the past 24 hours. It now appears to be aiming for the next resistance level.

Bitcoin Shows Signs Of Strength

John Bollinger, the creator of the renowned Bollinger Bands, a popular technical analysis tool, has applied his methodology to gauge Bitcoin’s market movement. Bollinger Bands are typically used to measure the volatility of a financial instrument.

They consist of a middle band, a simple moving average flanked by two standard deviation lines. These bands adjust with market conditions, widening during volatile periods and contracting during calmer times.

Bollinger’s recent analysis highlights that Bitcoin trades outside its daily and weekly Bollinger Bands. This is particularly noteworthy as it suggests a strong continuation of the current bullish trend without any signs of divergence.

On November 21, a two-bar reversal pattern was noted at the middle Bollinger Band, further reinforcing the strength in Bitcoin’s price action.

The air is getting a bit thin up here, but all we see as of now are signs of strength. We are outside both the daily and weekly BBs with no divergences. The last controlling formation was the 2 bar reversal at the middle BB completed on 21 Nov. $BTCUSD https://t.co/B4ZU3vpTvV

— John Bollinger (@bbands) December 5, 2023

Bitcoin’s Price Action: Interpreting The Signs

Bitcoin’s bullish momentum continues unabated, with a near 5% surge in the past 24 hours, pushing past the $44,000 threshold. Interestingly, the cryptocurrency shows no signs of deceleration or immediate pullback.

However, technical analysis on a larger scale suggests that Bitcoin might be approaching a significant retracement zone. On the one-week timeframe, an order block is present between the $48,000 and $50,000 regions.

Bitcoin (BTC) price chart on TradingView — Bitcoin (BTC) price is moving upwards to an order block at the $48,000 and $50,000 regions on TradingView.com

An order block is essentially a zone where significant buying or selling occurred in the past, leading to a substantial price movement. When the price revisits these blocks, they often act as key levels for potential reversals or trend continuation.

Should Bitcoin climb to this region, a retracement might be on the cards. However, invalidating this order block and continuing its rally might set the stage for a reversal, possibly when it reaches the breaker block around the $60,000 region.

A breaker block is a specific price zone where the market has previously shown a substantial reversal, breaking through a level of resistance or support. These blocks are often seen as potential areas where the price might experience significant movements or change direction. If Bitcoin taps into this breaker block, it could indicate another pivotal moment in its price trajectory.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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