Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band \u2013 a popular technical indicator and volatility measuring tool.<\/p>\n
Although he warns there isn\u2019t yet a sign that a bottom is in, the tool\u2019s creator says where price action tapped is a \u201clogical\u201d level for such a bottom to occur.<\/p>\n
Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History<\/p>\n
Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today is trading close to its former 2017 all-time high at $20,000.<\/p>\n
But unprecedented macro conditions has caused unprecedented price action in Bitcoin and other cryptocurrencies. Never in the past has the top cryptocurrency by market cap retested its former all-time high this way.<\/p>\n
Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/p>\n
And never did Bitcoin price on monthly timeframes ever reach the lower Bollinger Band. But that\u2019s exactly what happened this past month when crypto market contagion spread and brought asset prices down considerably.<\/p>\n\n
BTCUSD monthly touches down on the lower Bollinger Band | Source: BTCUSD on TradingView.com<\/p>\n
Touching the lower Bollinger Band, however, could be a logical place for a bottom according to the tool\u2019s creator.<\/p>\n
Time To Pay Attention: John Bollinger Points Out Logical Level For Potential Bottom<\/p>\n
The Bollinger Bands are a technical analysis tool that can help to measure and predict volatility, or find areas of potential resistance and support. It was created in the 1980s by John Bollinger, who today is a frequent Bitcoin speculator. It relies on a 20-period simple moving average and a dynamic upper and lower band set each at two standard deviations.<\/p>\n
Mr. Bollinger pointed out the touch of the lower Bollinger Band\u00a0in a new tweet, where he suggests the area would be a \u201clogical\u201d level to bottom. Bollinger did warn, however, that there still aren\u2019t signs of such bottoming yet.<\/p>\n
In the past, Bollinger was able to call out the April 2021 peak by spotting a \u201cthree pushes to a high\u201d bearish reversal pattern with striking accuracy. The analyst says his tools later confirmed what he says was an \u201cM-type\u201d double top.<\/p>\n
Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https:\/\/t.co\/KsDyQsCO1F<\/p>\n
\u2014 John Bollinger (@bbands) June 27, 2022<\/p>\n\n
Bollinger also shared in his chart a look at ancillary indicator, B%, which also has set historical lows. Monthly Bollinger Band Width can be used to measure volatility, and still has room to fall compared to past cycles.<\/p>\n
Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison<\/p>\n
Does Bitcoin price have more room to fall also? Or will a bottom form in this \u201clogical\u201d zone as the tool\u2019s creator calls attention to? Either way, it seems to be \u201ctime to pay attention.\u201d<\/p>\n
Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band \u2013 a popular technical indicator and volatility measuring tool.<\/p>\n
Although he warns there isn\u2019t yet a sign that a bottom is in, the tool\u2019s creator says where price action tapped is a \u201clogical\u201d level for such a bottom to occur.<\/p>\n
Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History<\/p>\n
Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today is trading close to its former 2017 all-time high at $20,000.<\/p>\n
But unprecedented macro conditions has caused unprecedented price action in Bitcoin and other cryptocurrencies. Never in the past has the top cryptocurrency by market cap retested its former all-time high this way.<\/p>\n
Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/p>\n
And never did Bitcoin price on monthly timeframes ever reach the lower Bollinger Band. But that\u2019s exactly what happened this past month when crypto market contagion spread and brought asset prices down considerably.<\/p>\n
BTCUSD monthly touches down on the lower Bollinger Band | Source: BTCUSD on TradingView.com<\/p>\n
Touching the lower Bollinger Band, however, could be a logical place for a bottom according to the tool\u2019s creator.<\/p>\n
Time To Pay Attention: John Bollinger Points Out Logical Level For Potential Bottom<\/p>\n
The Bollinger Bands are a technical analysis tool that can help to measure and predict volatility, or find areas of potential resistance and support. It was created in the 1980s by John Bollinger, who today is a frequent Bitcoin speculator. It relies on a 20-period simple moving average and a dynamic upper and lower band set each at two standard deviations.<\/p>\n
Mr. Bollinger pointed out the touch of the lower Bollinger Band\u00a0in a new tweet, where he suggests the area would be a \u201clogical\u201d level to bottom. Bollinger did warn, however, that there still aren\u2019t signs of such bottoming yet.<\/p>\n
In the past, Bollinger was able to call out the April 2021 peak by spotting a \u201cthree pushes to a high\u201d bearish reversal pattern with striking accuracy. The analyst says his tools later confirmed what he says was an \u201cM-type\u201d double top.<\/p>\n
Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https:\/\/t.co\/KsDyQsCO1F<\/p>\n
\u2014 John Bollinger (@bbands) June 27, 2022<\/p>\n
Bollinger also shared in his chart a look at ancillary indicator, B%, which also has set historical lows. Monthly Bollinger Band Width can be used to measure volatility, and still has room to fall compared to past cycles.<\/p>\n
Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison<\/p>\n
Does Bitcoin price have more room to fall also? Or will a bottom form in this \u201clogical\u201d zone as the tool\u2019s creator calls attention to? Either way, it seems to be \u201ctime to pay attention.\u201d<\/p>\n
Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2099","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2099"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2099\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2099"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}