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Bitcoin's growth was false

18:40 03 六月 /2020

Yesterday Bitcoin's growth was false. The pair BTC/USD could not fix above the psychological level of $10000. Analysts say that it was a distraction, and those who counted on the further growth of Bitcoin should be careful.

According to the Bollinger indicator, when breaking through the upper line of the indicator, you need to be careful not to make long-term deals, but to switch to short ones.

The Bollinger indicator consists of three lines: the middle line is a simple moving average with a period of 20, borders are formed above and below. Having reached a maximum of $10429 yesterday, the pair went beyond the upper line of the Bollinger indicator. In such cases, we should expect a rally. And if the price goes beyond the borders after their narrowing, then we should expect an increase in volatility and a further decrease in prices.

btcusd-3-june.jpg

On May 7, Bitcoin was already trying to break above the upper boundary of the indicator. After that, the BTC/USD pair showed a decline. It declined from a high of $10074 to the $8800 area.

The creator of the indicator, John Bollinger, is sure that yesterday it was only a “standard” deviation (on his twitter he said about a “false breakthrough”).

The Bollinger Bands indicator is often used by traders to determine Bitcoin cycles. If you look at the chart of the BTC/USD pair, you can see such cycles on the chart.

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