Bitcoin strategic reserves have failed to meet the expectations that many participants in the encryption market had for this, and in fact, the main cryptocurrency this week ended below 10.66 % of its rating at the beginning.
What is the following for Betcoin (BTC)? If anyone gives you a tangible answer, they will be lying.
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However, there is a way to build expectations at least, these are indicators, one of which is Bolinger’s ranges. The common tool for the financial tools invented by John Bolinger as a standard for all types of assets, and BTC is not an exception.
The index consists of three curves or domains, and represents the movement of the domain that helps traders estimate whether the tool is excessive or at its peak. In addition, it helps to determine the bias that currently prevail in the original and determine the potential critical price points.
Bad and worse
For Bitcoin, the image drawn by Bollinger Bands is very eloquent, not in a good way. If we look at the daily scheme of the encrypted currency, we can see that bitcoin is currently stuck between the middle range and the lower strip, which extends over the level of 80,411 dollars.
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Such a position makes the BTC price vulnerable to 4 % reduction to the bottom limits of the range set by Bollinger. What can change the situation is if, in the next few hours, the bitcoin price will be able to rise above the middle range at $ 90,200.
8 % jump in a few hours on Sunday? One can say it is very unlikely.
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Unfortunately, the weekly time time frame offers a bad picture with the same, but more broadly. There, Bitcoin is also between the medium range and the decline, but the latter is currently at $ 73,000. Therefore, if nothing changed in the medium term, it is a 12.3 % decrease for Bitcoin as a major staff by Bollinger Bands on the basis of the week.
