Skip to main content

Bitcoin Going Above 10k Was a Head Fake, Time to Short BTC – Bollinger

The Inventor of Bollinger Bands has labeled Bitcoin's latest move past $10k as a Head Fake.

Bitcoin Going Above 10k Was a Head Fake, Time to Short BTC - Bollinger 12

In brief:

  • John Bollinger has labeled Bitcoin’s move to approximately $10,400 as a head fake.
  • Mr. Bollinger advises traders and investors to be cautious henceforth or to short BTC.
  • Traders and investors might get a cheaper Bitcoin in the coming days.

The Inventor of Bolling Bands, John Bollinger, has once again provided valuable insight into the current price movement of Bitcoin. 

In a Tweet earlier today, Mr. Bollinger classified BTC’s price movement to approximately $10,400 as a Head Fake. 

Additionally, he advised traders and investors to be cautious while trading BTC henceforth. Mr. Bollinger additionally explained shorting was an option for those comfortable doing so. His tweet can be found below.


John Bollinger@bbands

The is a Head Fake at the upper Bollinger Band for , time to be cautious or short.

866
Twitter Ads info and privacy
189 people are talking about this

More on a Head Fake

The easiest way to understand a Head Fake is by using popular sports such as rugby, American football or basketball. 

In these sports, a head fake is defined when a player implies moving to one direction with his head, only for his feet to move in the opposite direction.

Therefore, a head fake in trading is when an asset implies to move in one direction only to reverse course and sometimes violently as seen with Bitcoin’s recent dip. 

According to John Bollinger, a head fake occurs when:

…prices break a band, then suddenly reverse and move the other way, similar to a bull or bear trap.

A bullish head fake starts when Bollinger Bands contract and prices break above the upper band. This bullish signal does not last long because prices quickly move back below the upper band and proceed to break the lower band.

A bearish head fake starts when Bollinger Bands contract and prices break below the lower band. This bearish signal does not last long because prices quickly move back above the lower band and proceed to break the upper band.

What Next for Bitcoin?

With the Bitcoin halving firmly behind us and with the additional advice from Mr. Bollinger, we can conclude that BTC might experience a bear cycle in the coming days or weeks. On a macro level, the major support zones for Bitcoin can be found at the following prices.

  • $9,300
  • $8,800
  • $8,500
  • $8.150
  • $7,900
  • $7,600
  • $7,050
  • $6,600

Additionally, a few traders and investors are of the opinion that Bitcoin will retest the $7K levels one more time. 

For example, popular Bitcoin analyst, Josh Rager, has expressed this idea of BTC in the $7,000s range as seen via the tweet.


Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Source : ethereumworldnews.com

Comments

Post a Comment

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,
Post a Comment
Read more

Will Solana (SOL) Be the Shining Star of the Bull Market?

About 250,000 to 700,000 SOL have been sold daily by FTX for the last three weeks. SOL’s price jumped above $60, as GSOL’s premium also increased. While the price may retrace, it may not take long before SOL hits $70. Despite being a notable casualty of the FTX contagion in 2022, Solana (SOL) has defied all odds in 2023, as the price continues to outshine its peers. In the last 30 days, the value of SOL has increased by 180%, rising as high as $62 on November 11. However, the rising price of SOL is not the only interesting thing the token has shown by the token. For a token that was once described as dead, it has shown tremendous strength. Coin Edition came to this conclusion because of a post by trader Bluntz Capital. The Big Players Are Here According to Bluntz, FTX, after getting the go-ahead to liquidate its assets, has been selling around 250,000 to 700,000 daily for the last three weeks. Regardless of the sales, SOL has failed to nosedive. Rather, the price has chosen the upside
Post a Comment
Read more

Terra Classic Community Passes Major Constructive Proposal, LUNC And USTC To $1?

  The Terra Luna Classic community has passed another key proposal as they prepare for a revival of Terra Luna Classic (LUNC) and repeg USTC stablecoin to $1.  The proposal aimed at having a guideline for a pay-per-job approach on the Terra Classic chain as core developer L1TF goes into maintenance mode for Q4. Meanwhile, the community is also collaborating on other fronts to keep LUNC and USTC above key support levels as traders started booking profits amid the latest pullback in the crypto market. Terra Luna Classic Passes Pay Per Job Proposal Proposal 11889 “Pay-per-job and governance-ruled Job List” has passed successfully. The proposal deemed the monthly model of roadmap and payment planning as suboptimal and plans to switch to a pay-per-job model. The proposal has received 91.99% “Yes” votes, with others mostly voting “Abstain”. The community believes it will optimize compensation structure, provide flexibility and transparency, boost community engagement, and risk mitigation. A
Post a Comment
Read more