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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch

Jake Simmons
Jake Simmons
1 year ago
3 mins read
John Bollinger Bitcoin pullback

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Renowned financial analyst John Bollinger has recently issued a caution regarding the potential for a Bitcoin pullback. After BTC price surged from below $66,000 to almost $72,000 at the beginning of the week, Bollinger, the creator of the widely utilized Bollinger Bands indicator, pointed to specific features in the Bitcoin price chart that suggest a consolidation or pullback could be imminent, though he clarified that his perspective was not bearish on a longer term.

The Bearish Argument By John Bollinger

Bollinger’s analysis focuses on the daily BTC/USD chart. His main concern centers around a “two-bar reversal” pattern observed at the upper Bollinger Band. This pattern, typically indicating a potential reversal in price direction, occurs when Bitcoin’s price first exceeds the upper Bollinger Band but then closes within it during the next trading period. Such movements can imply that the upward momentum might be losing strength.

Bitcoin Bollinger Bands
Bitcoin Bollinger Bands analysis | Source: X @bbands

The Bollinger Bands on the chart consist of three lines: the lower band, the middle band (20-day simple moving average), and the upper band. These bands expand and contract based on price volatility, with the upper and lower bands set two standard deviations away from the middle band. The Bitcoin price peaked at approximately $71,977 on Tuesday, momentarily pushing above the upper Bollinger Band before closing back within it, forming the noted reversal pattern.

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Further analysis shows the 20-day moving average, the middle Bollinger Band, which currently sits at about $64,564 and acts as a potential support level in the event of a price decline. Historical data from the chart indicates crucial resistance near the recent highs around $71,500, while support levels could be seen around the $64,500 mark, where the middle Bollinger Band lies, and further at $58,300, coinciding with the lower band.

The expansion of the Bollinger Bands indicates increased market volatility, particularly as the price tests resistance levels. The Relative Strength Index (RSI) is currently just at 63, which is not yet in the overbought territory.

In his commentary, Bollinger has clearly stated that while the setup is not fundamentally bearish, the observed technical pattern warrants caution for short-term traders. He advises monitoring for either a consolidation period where the price stabilizes, or a pullback where it retreats from recent highs. “I am not fond of the two-bar reversal at the upper Bollinger Band for BTCUSD. Suggests a consolidation or a pullback. Not bearish here, just short-term concerned,” Bollinger remarked.

The Bullish Argument

On the contrary, renowned crypto analyst, Josh Olszewicz (@CarpeNoctom), shared a bullish outlook on Bitcoin through a different lens, focusing on the Ichimoku Cloud indicator in the daily chart. He highlighted a “Bullish TK Cross with Price Above Cloud” on the daily Bitcoin chart.

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This particular pattern is significant within the realm of technical analysis, especially for those employing the Ichimoku Kinko Hyo indicator, a comprehensive tool that provides insights into market momentum, trend direction, and support and resistance levels.

The “Bullish TK Cross” Olszewicz refers to occurs when the Tenkan-sen line (a short-term moving average) crosses above the Kijun-sen line (a medium-term moving average), indicating a potential uptrend. Typically, this crossover suggests that buying momentum is increasing and can signal the start of a bullish phase.

Bitcoin price analysis
Bitcoin price, 1-day chart | Source: X @CarpeNoctom

The significance of this bullish signal is further enhanced by the fact that the price of Bitcoin is above the “Cloud” or ‘Kumo’, which is considered an area of future support or resistance. When the price is above the cloud, it’s generally viewed as a bullish signal, suggesting that the asset is in a strong uptrend and likely to continue as such.

This setup provides a clear bullish scenario that contrasts with the short-term caution suggested by John Bollinger’s analysis. At press time, BTC traded at $69,846.

Bitcoin price
BTC price hovers just below $70,000, 1-day chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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