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
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.
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).
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.
Arman Shirinyan
Yuri Molchan
Godfrey Benjamin
