Bitcoin price is making its best attempt yet to climb back above $40,000 since the big crash in May.
That’s because the top cryptocurrency is struggling to hold above the middle-Bollinger Band, and if it can’t hold, it could result in another retest of the bottom of the band.
At above $10,000, it wasn’t uncommon to see traders claiming the next stop was $100,000 or more.
When it did, and sentiment shifted bearish, the cryptocurrency reversed with the third most profitable day on record.
The Bollinger Bands created by John Bollinger are a versatile technical analysis tool that measures volatility, highlights support and resistance, and much more.
Not quite yet, if the middle-Bollinger Band – a simple moving average – is lost as support.
Finally, the LMACD is also exhibiting a very similar pattern and if another bearish crossover happens, it could be a massive trap like the last time around.
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.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.