Why Bitcoin Could Turn Lows Before Gaining Momentum

Bitcoin price is making its best attempt yet to break above $40,000 since the big crash in May. So far, the phrase "sell in May and leave" has worked like a charm and it may take longer to get coins back, a profitable strategy. This is because the top cryptocurrency is struggling and failing to stay above the middle Bollinger Band, which could result in the lower part of the band being tested once again. Another retest may eventually push the price per coin below support, which could be a blank slate for a reversal. Deja Vu: Why A Historic Move Might Be on the Horizon For anyone in the crypto market in 2019, it feels like déjà vu. Above $10,000, it wasn't uncommon for traders to claim the next stop was $100,000 or more. They were wrong and Bitcoin crashed. When that happened and sentiment turned bearish, the cryptocurrency reversed in its third most profitable day ever. Anyone familiar with the October 2019 "Chinese Pump" knows that things can change quickly, even when it seems at its worst. Related literature | Time to watch out: Bitcoin indicator behavior mimics historical rally indicators like sentiment, and the recent rally and dragonfly doji after a morning star reversal gives many bullish signals. Then why are Bollinger Bands warning of another possible collapse that is much closer to the Chinese pump than the current price action. Could Bitcoin Drop Once Again? | Source: BTCUSD at TradingView.com Bitcoin price could drop before returning higher Bollinger Bands, created by John Bollinger, is a versatile technical analysis tool that measures volatility, highlights support and resistance, and much more. When the bands stretch or tighten, it's a sign that a big move is on the way, and so far the instrument has been signaling that something shocking is about to happen. But when? Related literature | Bitcoin Daily Dragonfly Doji Gives Bulls Hope

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