Bollinger’s Bearish Perspective
John Bollinger, creator of the Bollinger Bands indicator, has spotted a “two-bar reversal” pattern on the Bitcoin chart. This pattern indicates a potential change in price direction, with Bitcoin breaking above the upper Bollinger Band but then closing back within it. This suggests that the upward momentum may be weakening.
Bollinger’s analysis also highlights the 20-day moving average (middle Bollinger Band) at $64,564 as a potential support level. Resistance is seen near the recent highs around $71,500, with further support at $58,300 (lower Bollinger Band).
Olszewicz’s Bullish Outlook
In contrast, crypto analyst Josh Olszewicz has a bullish view based on the Ichimoku Cloud indicator. He points to a “Bullish TK Cross with Price Above Cloud” pattern, which indicates a potential uptrend. This crossover suggests that buying momentum is increasing.
The significance of this bullish signal is further enhanced by the fact that Bitcoin’s price is above the “Cloud,” which is considered a zone of future support.
Conclusion
While Bollinger suggests caution for short-term traders, Olszewicz’s analysis provides a contrasting bullish scenario. At the time of writing, Bitcoin is trading at $69,846.
