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U.Today – John Bollinger, trading expert and inventor of the Bollinger Bands, has been recognized for his price prediction from over two months ago. Back in June, after reviewing the chart of the first cryptocurrency using his own technical indicator, Bollinger said that Bitcoin would likely continue to rise. At the time, the price per BTC was $60,940.
Fast forward two months, and we get BTC at $59,480. Its position relative to the Bollinger Bands is still pulling the cryptocurrency toward the lower of the two. Looking at the trends of the last two months, you can actually see that the first cryptocurrency traded mostly sideways.
Yes, there were large liquidations and declines, as well as gains of more than 10% within a week. However, as a result, the price did not really go anywhere.
In fact, it even lost, reducing to zero all the actions of bullish players on the market during that time.
What’s next?
If we base our future predictions for Bitcoin on the same Bollinger Bands again, it is worth noting that the upper band is currently just above $64,000, and the lower band is at $56,290. Bitcoin itself is below the dividing line, which can be said to mean that the price of the main cryptocurrency is more inclined to fall further to the lower boundary than to rise.
Ahead of the market is waiting for the closing of the weekly, monthly and quarterly candlesticks at the same time, and it will all happen on Sunday, Sept. 1. Where Bitcoin will be on that day – above or below this line – will largely determine the future direction of its price.
This article was originally published on U.Today
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