John Bollinger Advises Attention as Significant Market Movements Loom
Technical analyst John Bollinger has identified W bottom patterns in the charts of Ether and Solana, indicating a potential market shift.
Prominent technical analyst John Bollinger has observed possible W bottom patterns in the charts for Ether and Solana, suggesting that a considerable market shift may be forthcoming. Bollinger remarked that potential ‘W’ formations have emerged in his own volatility indicator, Bollinger Bands, on the Ether and Solana charts, while Bitcoin has not yet exhibited a similar pattern. He stated, > “Gonna be time to pay attention soon, I think.”
Ethereum has dipped to $3,700 twice this month but is beginning to show signs of recovery, while Solana also experienced a double drop to $175. Bitcoin, after a sharp fall below $104,000 recently, has seen some recovery but remains under pressure.
Bollinger has indicated that traders should keep a watchful eye on Bitcoin as similar movements could unfold there as well. Another analyst known as ‘Satoshi Flipper’ noted that the last time Bollinger suggested to heed market signals was July 2024, during which Bitcoin surged from below $55,000 to over $100,000 within six months.
“Indeed, it is time to pay attention. There’s a genuine squeeze happening, and a two-bar reversal at the lower band indicates it,” Satoshi stated previously.
In previous discussions, analysts predicted a significant volatility event following a lengthy period of compression in Bitcoin’s Bollinger Bands. Recent weeks have confirmed those predictions as volatility surged following a market pullback.
Notably, Bitcoin has faced a resistance level at $108,000 that has proven unbreakable since the last drop. However, many analysts assert that the market is not yet in a bearish phase despite growing concerns. Analyst ‘Sykodelic’ affirmed that using the 50-week simple moving average, which has been approached multiple times since November, indicates an ongoing upward market trend.
“Each time the price has retraced to meet the 1W 50SMA, widespread fear ensued, leading to heightened selling. Yet, every instance has resulted in a vigorous rebound and movement upwards.”
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