Main navigation

Veteran Trader John Bollinger Claims Bitcoin Is Forming Short-Term Double Bottom

News
Sun, 05/23/2021 - 18:05
article image
Alex Dovbnya
Bitcoin might be finally bottoming, according to legendary trader John Bollinger
Veteran Trader John Bollinger Claims Bitcoin Is Forming Short-Term Double Bottom
Cover image via www.youtube.com
Read U.TODAY on
Google News

Veteran trader John Bollinger claims that Bitcoin is working on a short-term double bottom in his latest tweet:

The developing risk/reward looks good. Stay tuned for a trade opportunity

Bollinger
Image by @bbands

On May 18, Bollinger called $43,000 “the logical level” for Bitcoin before the cryptocurrency collapsed all the way to $30,000.  

As reported by U.Today, the prominent chartist also spotted a W-bottom in late January. Back then, bulls and bears were battling for the $30,000 level before Elon Musk started toying with Bitcoin tweets and Tesla announced its massive purchase on Feb. 8.

Related
Elon Musk Believes Fiat Is Your Real Enemy

Another brutal sell-off

W patterns are usually formed when the second low is lower than the first one, but the bears haven’t managed to push Bitcoin below the $31,000 level today (so far).

BTC
Image by tradingview.com

The whole market is in the middle of a brutal sell-off, with Bitcoin plunging by over 16 percent over the past 24 hours.  

The largest cryptocurrency is now down 48 percent from its Apr. 14 high.

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.