Main navigation

Legendary Trader John Bollinger Turns Bullish on Bitcoin

News
Wed, 09/08/2021 - 18:12
article image
Alex Dovbnya
Is the Bitcoin sell-off over? Legendary trader John Bollinger turns bullish on the largest cryptocurrency
Legendary Trader John Bollinger Turns Bullish on Bitcoin
Cover image via www.youtube.com
Read U.TODAY on
Google News

John Bollinger is betting on Bitcoin’s price revival.

The veteran trader, who copyrighted the Bollinger Bands technical indicator back in the 1980s, has tweeted that he’s now bullish on the largest cryptocurrency. 

In what appeared to be a “sell the news” event on steroids, Bitcoin flash-crashed roughly 17 percent to an intra-day low of $42,900 on Sept. 7, the day it became an official currency in El Salvador.

Related
Dogecoin Rival Soars 30 Percent on Coinbase Listing

Bollinger called the crash “epic,” noting that the cryptocurrency managed to touch both the upper and lower bands within the same day.

At press time, Bitcoin is changing hands slightly above the $46,000 level on major spot exchanges.

TV
Image by tradingview.com

Bollinger says that he’s currently targeting the upper band, pointing to a good risk/reward setup.

Back in June, the legendary trader accurately predicted that Bitcoin would reclaim the $50,000 level.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.