Tuesday, February 27, 2024
Homebtc newsTime To Pay Attention: Bitcoin Reaches “Logical” Level

Time To Pay Attention: Bitcoin Reaches “Logical” Level

Bitcoin price is experiencing one of its more significant corrections since the trend began to change directions. 

According to the creator of the Bollinger Bands, it’s once again “time to pay attention” — this time because BTCUSD has pulled back to a “logical” level. 

Bitcoin Begins Pullback To Logical Level

Bitcoin reached almost double from current bear market lows, nearly convincing the crypto community a new bullish trend had begun. With BTCUSD now down more than 10% from local highs, fear is already back on the air in a major way. 

Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.

570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bulls are now all but silent, after just recently declaring the bull market has returned. Bears are already celebrating the correction as continuation of the bearish trend getting underway.

More tactical technicians, like John Bollinger, simply believe it’s “time to pay attention,” and haven’t yet taken a side. The quote has become a bit of a catchphrase for the creator of the Bollinger Bands. But what exactly is he talking about?


BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The creator of the Bollinger Bands has spoken | BTCUSD on inew.news

All About The Bollinger Bands

The Bollinger Bands are a volatility measuring tool. The tool’s creator recently pointed out an expansion after a lengthy phase or narrowing. This behavior is referred to as a “squeeze” and suggests an uptick in volatility is ahead. Which is precisely what we are witnessing now. 

Volatility is the measure of price dispersion across a timeframe, and after very little movement, BTCUSD is like a rollercoaster once again. Ups and downs are par for the course.

The Bollinger Bands are made up of a 20-period simple moving average (SMA), to where price pulled back to and has now broken below. The upper and lower bands are set at two standard deviations of the SMA.

The next logical level to look for support would be the lower band, located at around $27,000. Once Bitcoin hits the level it could continue downward with strength or snap back to the top of the band. 

One thing is for sure, the tool predicting volatility was accurate. Now it’s time to pay attention.

Follow @TonyTheBullBTC & @coinchartist_io on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from inew.news



Please enter your comment!
Please enter your name here


Featured NEWS