Blog

As September attracts to an in depth, Bitcoin fans are eyeing potential bullish traits, with indications pointing in direction of a positive trajectory. The main cryptocurrency has already exhibited a bullish candle this month, suggesting a attainable continuation of this pattern into October if the candle closes within the inexperienced.

Bitcoin Trend Reversal

Amidst these developments, market veteran John Bollinger, the creator of the broadly used market indicator Bollinger Bands, shared his insights on Thursday. In a tweet, the 73-year-old famous {that a} two-bar reversal occurred for $BTCUSD on the decrease Bollinger Band on September 11/12, which he believed to be an important technical issue.

Bollinger additional tweeted;

“This is a good setup for a walk up the upper band, just need a bit more strength to confirm.” To present a visible context for his assertion, he additionally shared the chart under.

In addition to Bollinger Bands, different Bitcoin fundamentals have additionally been falling into place. Crypto analyst Matthew Hayland famous in Friday tweet that the two-week Bollinger Bands for Bitcoin have reached their tightest ranges since 2015, and they’re presently the tightest ever recorded.

Historically, when such tight squeezes happen, they’re usually adopted by explosive worth actions, catching many unexpectedly. Hayland additionally talked about that he has been carefully monitoring the weekly Bollinger Band width, which has additionally tightened considerably.

Positive Signs in Bitcoin’s Performance

Beyond Bollinger Bands, Bitcoin’s overall performance has displayed constructive indicators. Gert van Lagen, anther crypto analyst, highlighted an important bullish cross in Bitcoin’s shifting averages. Via a Thursday tweet, he talked about that the 200-day Simple Moving Average (SMA) has crossed above the 200-week SMA, which is seen as a bullish sign.  This follows a bullish crossover that occurred in June involving the sooner each day 200 and Weekly 200 exponential shifting averages (EMAs).

That stated, mixed, these technical indicators and professional opinions have introduced renewed optimism to the Bitcoin market, suggesting the potential for an upward surge.

In the meantime, Bitcoin remained in a state of tight consolidation following a worth pullback that occurred after a formidable surge past $27,000 on Thursday. At press time, BTC was buying and selling at $26,864, reflecting a 0.70% lower over the previous 24 hours.

✓ Share:

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency house for two years now. Previously he co-founded Govt. of India supported startup InThinks and is presently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has revealed greater than 100 articles on cryptocurrency and blockchain and has assisted plenty of ICO’s of their success. He has co-designed blockchain growth industrial coaching and has hosted many interviews in previous. Follow him on Twitter at @sharmasunil8114 and attain out to him at sunil (at) coingape.com

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.