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

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Sun, 23/05/2021 - 18:05
Veteran Trader John Bollinger Claims Bitcoin Is Forming Short-Term Double Bottom
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Veteran trader John Bollinger claims that Bitcoin is working on a short-term double bottom in his latest tweet:

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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.

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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).

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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.

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