In a tweet on Wednesday, Bollinger called for a head fake after Bitcoin dropped from $8,200 to $7,900.
— John Bollinger (@bbands) October 16, 2019
A quick look at the chart Bollinger provided shows a tightening Bollinger Band range, which could be a setup for an explosive move in either direction. Bollinger’s head fake call indicates that he believes a bear trap may be forming as BTC appears to be about to break down further, but may, in fact, be about to break out to new highs.
Taking a more bearish tone, AngeloBTC, the top trader on BitMEX, is currently calling for BTC to hit the $6,000 range before he plans to add to his long position. This would be a further breakdown from current levels and more than 50% retrace from yearly highs.
Patiently waiting for $6k $BTC levels where I will add to long-term holdings.
Good luck homies.
— Angelo฿TC (@AngeloBTC) October 15, 2019
Bitcoin is currently down 1.05% on the day to $8,053, giving the cryptocurrency a $144.93 billion market cap.
More: John Bollinger’s Tweet
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.