Bitcoin Bollinger Bands hit key zone as BTC price fights for $27K
Bitcoin (BTC) could see fresh upside volatility as BTC cost strength reviews key levels, a classic metric suggests.In an X post on Sep. 18, John Bollinger, developer of the Bollinger Bands volatility sign, said that Bitcoin was positioned for a breakout decision.Bitcoin Bollinger Bands eye start of “walk up” After hitting new September highs the day prior, Bitcoin is challenging resistance levels out of reach since mid-August, data from Cointelegraph Markets Pro and TradingView shows.For Bollinger, the signs from the biggest cryptocurrency are motivating. Bollinger Bands use basic deviation around an easy moving average to identify both most likely cost ranges and volatility.Currently, BTC/USD is putting in daily candles which touch the upper band. When this occurs, it can indicate an imminet reversal back to the center band, or conversely an inbound fit of advantage volatility.Narrow Bollinger Bands seen on Bitcoin recently provide weight to hopes that the latter circumstance will now play out.” And there is the very first tag of the upper Bollinger Band after a brand-new set of managing bars was developed at the lower band,” Bollinger commented alongside a chart. “The question is now can we do a walk up the upper band? Too early to address.” BTC/USD 1-day chart with Bollinger Bands. Source: TradingViewCointelegraph reported on the narrowing of the bands in July– an occasion which ultimately preceded a return to lower levels.BTC rate reset “quite reasonable” Bollinger identifies the existing mood among skilled Bitcoin traders and analysts on short timeframes.Related: FOMC versus BTC price regional bottom– 5 things to know in Bitcoin this weekDespite the strength seen this week, care abounds as numerous trendlines, which formerly acted as support stay above spot price.Discussing the scenario, on-chain tracking resource Material Indicators informed X customers to question bulls momentum.” We have heavy technical resistance overhead at the Key Moving Averages and assistance at the LL,” part of commentary stated.” Its quite possible that we round trip the variety, and with any luck, we will see legit tests of the R/S levels that will provide us some clearness on where BTC goes from here before completion of the week.” Material Indicators referenced the upcoming United States Federal Reserve decision on rate of interest, which could produce breeze volatility and untrustworthy short-term trading signals.UPDATE 2: As noted earlier, it appears #BTC bulls are acquiring some momentum, but things are not always as they seem. Let me describe … Sometime after last nights candle light close/open weve seen a brand-new Trend Precognition ⬆ signal develop on the Daily chart and NOW we have a brand-new … pic.twitter.com/V0UI7JznKf— Material Indicators (@MI_Algos) September 18, 2023
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