Thus, Alex Kruger recently shared his thoughts on the challenging market conditions. He suggested that when Bitcoin reaches new all-time highs, only a few traders might still be “alive” and have money. Another well-known figure, BTCVIX, also acknowledged the difficulty of the past few months for traders.
However, he pointed out an important technical indicator: Bitcoin is currently experiencing its third tightest weekly Bollinger Bands in history, which suggests that major price movement for Bitcoin is still in the cards.
Bollinger also mentioned that a two-bar reversal pattern at the lower band could be a key factor in future price movements, but he warned about some potential supply at the upper border that could affect Bitcoin.
In the next two days we are likely to see the development of this outlook as the price of Bitcoin has broken the the simple moving average (SMA) inside the Bollinger Bands. This development cannot be called positive as SMA represents a strong price support level.
The breaking of this level indicates that there is no interest from buyers currently, and in the paradigm of the Bollinger Bands, the price of BTC tends toward the lower band, which currently stands at $58,422.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
