Bollinger Band creator John Bollinger offers insight on current BTC price action
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Bollinger mentioned a regression channel — a three-line technical indicator used to analyze the upper and lower limits of an existing trend, implying that he is closely watching Bitcoin's price as it trades within this channel. Based on the regression channel, Bollinger observes that Bitcoin might be in the process of forming a bullish flag pattern, a classic continuation pattern that suggests the possibility of an upward breakout after a period of consolidation; for this, he awaits confirmation.increased its one-week gains to 10% after an eventful week that saw rate cuts by the U.S. Federal Reserve, a pause in cuts by the Bank of England and a decision to hold rates by the Bank of Japan on Friday.
At the time of writing, BTC was down 0.63% in the last 24 hours to $63,087 and up 6.97% so far in September, which is often its weakest month of the year. According to IntoTheBlock, Bitcoin has become increasingly dominant over Ethereum and stablecoins, with a 6% increase in its dominance year-to-date.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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