Bitcoin toys with a Bollinger Bands breakout, with BTC price below key resistance levels.
use standard deviation around a simple moving average to determine both likely price ranges and volatility.
Currently, BTC/USD is putting in daily candles which touch the upper band. When this happens, it can signal an imminet reversal back to the center band, or conversely an inbound fit of upside volatility. Narrow Bollinger Bands seen on Bitcoin recently lend weight to hopes that the latter scenario will now play out.
“And there is the first tag of the upper Bollinger Band after a new set of controlling bars was established at the lower band,” Bollinger commented alongside a chart.BTC/USD 1-day chart with Bollinger Bands. Source: TradingViewin July — an event which ultimately preceded a return to lower levels.Bollinger characterizes the current mood among seasoned Bitcoin traders and analysts on short timeframes.
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