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 potential 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 a vital 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 at the moment the tightest ever recorded.
Historically, when such tight squeezes happen, they’re typically adopted by explosive worth actions, catching many abruptly. 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 optimistic indicators. Gert van Lagen, anther crypto analyst, highlighted a vital 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 mentioned, mixed, these technical indicators and skilled 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 powerful 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.
The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
