Bitcoin Bollinger Bands eye start of “walk up”
Currently, BTC/USD is putting in daily candles that touch the upper band. When this happens, it can signal an imminent reversal back to the center band or, conversely, an inbound fit of upside volatility.
Narrow Bollinger Bands seen on Bitcoin recently lend weight to hopes that the latter scenario will now play out.
“And there is the first tag of the upper Bollinger Band after a new set of controlling bars was established at the lower band,” Bollinger commented alongside a chart.
“The question is now can we do a walk up the upper band? Too early to answer.”
BTC price reset “quite reasonable”
Bollinger characterizes the current mood among seasoned Bitcoin traders and analysts on short timeframes.
Discussing the situation, on-chain monitoring resource Material Indicators told X subscribers to question bulls’ momentum.
“We have heavy technical resistance overhead at the Key Moving Averages and support at the LL,” part of the commentary stated.
“It’s quite possible that we round trip the range, and with any luck, we will see legit tests of the R/S levels that will give us some clarity on where BTC goes from here before the end of the week.”
Material Indicators referenced the upcoming United States Federal Reserve decision on interest rates, which could produce snap volatility and untrustworthy short-term trading signals.
UPDATE 2: As noted earlier, it appears #BTC bulls are gaining some momentum, but things are not always as they seem. Let me explain…
Sometime after last nights candle close/open we’ve seen a new Trend Precognition ⬆️signal develop on the Daily chart and NOW we have a new… pic.twitter.com/V0UI7JznKf
— Material Indicators (@MI_Algos) September 18, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.