The post Trading Guru John Bollinger Evaluates Bitcoin’s Bullish Leap in Ongoing Rally appeared first on Coinpedia Fintech News
Market analyst John Bollinger, renowned for his expert insights in market analysis, has recently paused to reflect on his latest observations regarding Bitcoin’s present market trajectory. This observation comes as Bitcoin keeps hitting new highs in the ongoing upward market trend.
Bollinger’s Expertise on Bitcoin’s Highs
In his recent tweet, John Bollinger, the creator of the well-known Bollinger Bands tool, has taken a moment to reconsider his recent remarks about Bitcoin.
Bollinger’s recent analysis points out that Bitcoin is trading beyond its daily and weekly Bollinger Bands, indicating a robust continuation of the bullish trend without any divergence signs.
On November 21, a two-bar reversal pattern was observed at the middle Bollinger Band, further confirming Bitcoin’s strong price momentum. This assessment coincides with Bitcoin consistently reaching new peaks in 2023.
In the midst of this, Bitcoin has surged past $44,000, marking a 4.5% increase in the last 24 hours and setting its sights on the next resistance level.
Bitcoin’s Recent Surge
Bitcoin’s upward momentum persists with an impressive nearly 5% surge in the last 24 hours, surpassing the $44,000 mark. Notably, the cryptocurrency exhibits no indications of slowing down or an immediate pullback.
Nevertheless, a broader technical analysis indicates that Bitcoin could be nearing a notable retracement zone. When considering the one-week timeframe, an order block emerges within the $48,000 to $50,000 range.
Stabilization Around $43,000
Post the recent surge, Bitcoin exhibits signs of stabilization around the $43,000 mark. Interestingly, despite the impressive rally, the market sentiment remains in the “Greed” state, with scores consistently in the 70s.
This cautious optimism deviates from the “Extreme Greed” territory often associated with market peaks. As Bitcoin continues its bullish trajectory, Bollinger’s reassessment provides a nuanced perspective on the cryptocurrency’s ongoing rally and potential market dynamics.
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