Prominent American financial analyst and trader John Bollinger has tweeted about buying a small amount of Ethereum, the second-largest cryptocurrency.
I bought a little $ethusd, a trial position, last night, with a close stop--well close for crypto... I liked the pattern on the six hour and have been looking for an entry. Not a high confidence trade and I am probably early, but toe is in and I am focused now.
— John Bollinger (@bbands) January 27, 2022
The veteran trader behind the “Bollinger Bands” indicator claims that it’s a “trial position.”
Bollinger explains that a bullish pattern on Ethereum’s six-hour chart prompted him to make the aforementioned purchase.
With that being said, he has cautioned his followers that this is not a “high confidence trade,” adding that the timing of his purchase might not be the best.
Earlier this month, Bollinger tweeted that Bitcoin was heading into “an important accumulation zone” when the largest cryptocurrency was trading at roughly $42,000. Bitcoin struggled to find support around that level, eventually plunging all the back to $33,000 on Jan. 24 and presenting long-term holders with another buying opportunity.
Notably, Bollinger urged his followers to pay attention to the Ethereum chart right on the verge of the correction.
The flagship altcoin is down 51.21% from its record peak of $4,878.
Denys Serhiichuk
Tomiwabold Olajide