RATE Group | Bitcoin Set to Enter Disbelief Phase — Should Hodlers Prep for $2.8K?
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Bitcoin Set to Enter Disbelief Phase — Should Hodlers Prep for $2.8K?

16 Dec Bitcoin Set to Enter Disbelief Phase — Should Hodlers Prep for $2.8K?

Posted at 01:53h in Bitcoin News by

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Bitcoin price (BTC) performed as expected over the past week as 8% was shaved off its price of $7,571.80 between Dec. 8 and Dec. 14. Does this mean the digital asset is due for a reversal? As much as Bitcoin holders and I want this, one has to look at the facts. 

Currently, Bitcoin has a distinct lack of bullish indicators that offer any hope of a short term reversal and even John Bollinger, the founder of the Bollinger Bands indicator tweeted out this somewhat cryptic tweet on Dec. 13.

“Most cryptocurrencies are at or near Bollinger Band Squeeze levels. Time to pay attention.” 

For those that don’t know what this means, allow me to explain.

Daily crypto market performance

Daily crypto market performance. Source: Coin360.com

What is a Bollinger Bands squeeze?

The Bollinger Bands indicator is a tool that many traders can’t live without. Made up of 3 lines, the central line in red is the moving average (MA) and the lower band serves as dynamic support, whilst the upper band serves as a dynamic resistance.  

BTC USD daily chart

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