As September nears its end, the Bitcoin landscape brims with positivity. Indications hint at a forthcoming bullish spree, especially if Bitcoin finishes the month on a green note. Besides, this month’s bullish candle points to an upbeat October trajectory.
Significantly, John Bollinger, the mastermind behind the Bollinger Bands, offered some valuable insights. On Thursday, the 73-year-old market maven highlighted a crucial two-bar reversal for $BTCUSD. This reversal, occurring on September 11/12 at the lower Bollinger Band, according to Bollinger, is pivotal. He mentioned, “This is a good setup for a walk up the upper band; just need a bit more strength to confirm.” Moreover, to provide a clearer perspective, he included a relevant chart.
Additionally, a crypto analyst, Matthew Hayland echoed the sentiments about Bitcoin’s performance. In his Friday tweet, Hayland observed the two-week Bollinger Bands for Bitcoin are the tightest since 2015. Hence, these are the most compressed they’ve ever been. Historically, such tight compressions usually precede substantial price swings, often catching the market off-guard. Hayland has also keenly observed the weekly Bollinger Bandwidth, which has shown a significant contraction.
Beyond these patterns, other Bitcoin indicators reflect optimism. Gert van Lagen, another crypto specialist, emphasized a notable bullish cross in Bitcoin’s moving averages. Via his tweet on Thursday, he pinpointed the 200-day Simple Moving Average (SMA) overtaking the 200-week SMA. Such a move is typically interpreted as a bullish sign. Consequently, this observation aligns with the bullish crossover witnessed in June, where the daily 200 and Weekly 200 exponential moving averages (EMAs) intersected.
However, despite these positive signs, Bitcoin underwent a brief period of consolidation. This phase came after a commendable price surge past the $27,000 mark on Thursday. At the time of reporting, Bitcoin’s price settled at $26,864, marking a slight 0.70% dip in 24 hours.
In conclusion, with these technical insights and expert views, the Bitcoin community looks forward with renewed hope. The stage seems set for an upcoming bullish wave.
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