According to market technician John Bollinger, who is famous for inventing the Bollinger Bands indicator, cryptocurrency traders should be prepared for an important juncture of Bitcoin and top altcoins. In the meantime, the number one coin once again ends up at a crossroads.
We are coming into an important juncture of $BTCUSD and the important alts. The setup is not complete and we will need confirmation, but now is a good time to start thinking about how you will play the next move. #BePrepared
— John Bollinger (@bbands) August 30, 2019
While Bollinger’s tweet sounds rather cryptic, it is safe to assume that the days of sideways trading are soon inching closer towards an end, and traders should be prepared for a storm. He adds that there is a need for additional confirmation.
As reported by U.Today, Bollinger suggested that the Bitcoin price was “forging” a local bottom in the $9,000-$10,000 range, but he wasn’t certain about major alts.
Shortly after that, Bitcoin once again faced the four-digit reality, but his recent tweet could mean a sizeable upward move.
Bitcoin bulls have to orchestrate an imminent recovery as Bitcoin is in serious danger of forming a bearish monthly low close, which would embolden the bears.
Omkar Godbole believes that Bitcoin could tank to $7,400 in the following months if it prints a price below $9,049 on its 1-month chart.
The BTC price has to skyrocket to $10,280 in less than two days for bullish price predictions to be in play.