Bollinger's tweet suggests that Bitcoin, whose price is currently sitting at $30,219, is now finding support at the middle band, historically an indicator that a price increase could be forthcoming.
Bollinger's pattern commences with a"blastoff," an aggressive price surge that results in a"rip through the upper band," where the price exceeds the upperThis is typically followed by a period of consolidation where the price stabilizes and corrects back toward the middle band. The pattern completes when the price finds support at the middle band and then turns higher again, suggesting a potential new wave of buying pressure.
Bitcoin's market cap currently stands at approximately $586.9 billion, with a 24-hour trading volume of nearly $14.8 billion, according to CoinGecko data.
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