U.Today – John Bollinger, a trading expert and inventor of Bollinger Bands, has been recognized for his price prediction more than two months ago. 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 that time, the price per BTC was $60,940.
Two months later, the price of BTC stands at $59,480. Its position in relation to the Bollinger bands continues to push the cryptocurrency towards the lower of the two levels. Looking at the trends over the past two months, we can see that the first cryptocurrency has mostly traded sideways.
Yes, there were big sell-offs and drops, as well as gains of over 10% in a week. However, as a result, the price did not really move anywhere.
In fact, it even lost, reducing all the shares of the bullish players in the market to zero 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 likely to fall further towards the lower boundary than to rise.
The market is expected to close weekly, monthly and quarterly candles at the same time, and all this will happen on Sunday, September 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
