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Seasoned dealer John Bollinger lately commented on Bitcoin’s (BTC) present market trajectory, arguing that the flagship cryptocurrency is exhibiting “indicators of energy.” This comes as Bitcoin retains casually printing new 2023 peaks.
A two-bar reversal
Bollinger’s evaluation is predicated on his eponymous technical evaluation software, the Bollinger Bands, which he devised as a measure of volatility.
These bands include a shifting common (the center band), sometimes over 20 durations, and two outer bands representing commonplace deviation ranges above and beneath the central common.
When the value of an asset, like Bitcoin, strikes exterior these bands, it suggests a stronger market pattern.
Bollinger’s submit harassed that Bitcoin is buying and selling exterior each day by day and weekly Bollinger Bands with out exhibiting any divergence, which generally suggests a continuation of the present pattern.
The final vital sample famous was a two-bar reversal on the center Bollinger Band on Nov. 21, reinforcing the energy in Bitcoin’s value motion.
Inching near $45,000
Bitcoin has notably surpassed the $44,000 threshold, additional cementing its dominance over altcoins reminiscent of Ethereum (ETH).
The ETH/BTC ratio has dipped to a brand new low, a stage unseen since June 2022, amid the spectacular rally staged by the bellwether cryptocurrency.
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