Legendary trader John Bollinger recently sparked a debate about the current Bitcoin price action. As reported by U.Today, the prominent technical analyst previously suggested that Solana (SOL) and Ethereum (ETH) were on the verge of bottoming out. However, Bollinger stressed that this assessment did not apply to Bitcoin.
Is a big move coming for Bitcoin? Several users have noted that Bollinger Bands are narrowing, which indicates volatility compression. Such setups typically precede substantial price moves, hinting that a significant shift might be on the horizon.
According to data provided by CryptoQuant, volatility is currently drying up. Analyst Maartunn commented on this development, saying, “That’s calm before the storm: low activity, low momentum, traders waiting.”
In another perspective, prominent trader Josh Olszewicz weighed in on the situation. Responding to Bollinger’s post, he said, “Megaphones are not fun.” The “megaphone” pattern forms when price swings gradually get wider and is known for being very challenging to trade due to its unpredictable price movements.
Additionally, one commentator has noted that Bitcoin is currently trading below a key support/resistance level, with the Relative Strength Index (RSI) under 50. This technical indicator could be interpreted as a bearish sign, suggesting potential downward pressure in the near term.
As the market awaits clearer signals, traders remain cautious, keeping a close eye on these technical patterns and indicators that might foreshadow Bitcoin’s next major move.
https://u.today/legendary-trader-bollinger-sparks-debate-over-bitcoin-chart
