- Analyst John Bollinger identifies a bullish two-bar reversal pattern near Bitcoin’s lower Bollinger Band.
- If the pattern holds, Bitcoin could bounce and test previous highs around $72,000.
- Watch $62,140 pivot point and resistance levels at $63,440 and $64,510.
As Bitcoin’s price hovers above $60,000, analysts are closely monitoring its movements. Among them, John Bollinger has shared his insights, shedding light on potential trends.
Bollinger, the creator of the Bollinger Bands indicator, recently pointed out a two-bar reversal pattern on Bitcoin’s price chart. This pattern appeared near the lower Bollinger Band, suggesting an imminent bounce.
He stated that it is a lovely two-bar reversal at the lower Bollinger Band that occurred at a logical place. Using a price chart to illustrate his analysis, Bollinger described how the two-day candlestick reversal near the lower band could result in a significant price increase.
If this anticipated reversal comes to fruition, Bitcoin’s value could rise substantially, potentially reaching around $72,000. Traders are now discussing Bollinger’s insights, injecting a layer of optimism into the cautious market sentiment.
Technical Analysis
Bitcoin’s 4-hour chart indicates a pivot point at $62,140, which could determine the market direction. Immediate resistance levels are at $63,440, followed by $64,510 and $65,710.
On the downside, support stands at $60,620, with further levels at $59,670 and $58,630. The Relative Strength Index (RSI) currently sits at 48, indicating neutral market conditions.
Bitcoin remains bearish below the $62,140 pivot point. A break above this level could shift the bias toward bullish momentum, while staying below may trigger further selling pressure.
Read Also
The post Popular Crypto Analyst Projects Bitcoin’s Price Trajectory, Major Pivot Ahead appeared first on Crypto News Land.
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