{"id":461957,"date":"2021-04-22T15:53:52","date_gmt":"2021-04-22T15:53:52","guid":{"rendered":"https:\/\/ktsl888.com\/?p=461957"},"modified":"2024-06-11T13:55:10","modified_gmt":"2024-06-11T13:55:10","slug":"bitcoin-life-saving-support-level","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-life-saving-support-level\/","title":{"rendered":"Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping"},"content":{"rendered":"

Bitcoin price is back below $55,000<\/a>, unable to keep its bullish momentum it had leading into the Coinbase Global listing. Since then, things have turned down.<\/p>\n

The fall back below $60,000 has with it also taken the coin below a critical life-saving support level that’s been untouched since late 2020.<\/p>\n

Bitcoin Loses Life-Saving Support Level, First Time Since 2020<\/h2>\n

Bitcoin and other cryptocurrencies are notorious for their volatility<\/a>, but that’s also how they’re able to generate life-changing wealth for early investors.<\/p>\n

Because of how volatile the emerging speculative asset class is, volatility measuring tools like the Bollinger Bands are especially effective. When the bands tighten is says that price action has been sideways and a major move is coming<\/a>.<\/p>\n

Related Reading | \u201cExponential Decay\u201d Of The Dollar To Benefit Bitcoin Long-Term<\/a><\/strong><\/em><\/p>\n

If any coins close a candle outside of the bands with volume, there’s often an opportunity to “ride the bands” to incredible gains.<\/p>\n

That’s exactly what happened that took Bitcoin from under $12,000 to more than $64,000 in a matter of months. The Bollinger Bands got tight<\/a>, began to expand, and because the top cryptocurrency was above the middle-SMA, the bull market was cleared for takeoff.<\/p>\n

The problem is, that same signal is back but in reverse.<\/p>\n

\"bitcoin<\/p>\n

It's been more than 190 days of uptrend. Is it time for a change? | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
What The Bollinger Bands Are Saying About The Current Crypto Cycle<\/h2>\n
More than six months and around 200 days have gone by since Bitcoin has passed through the middle-SMA<\/a> on the Bollinger Bands on three-day timeframes.<\/p>\n
The Bollinger Bands<\/a> themselves \u2013 created by John Bollinger \u2013 are a standard deviation of the simple moving average. They expand and contract based on volatility, as mentioned earlier.<\/p>\n
The toolset can tell traders a lot about what’s about to go down. For example:<\/p>\n
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The structure is looking good, but we need a bit of confirmation first. One set of tactics might be a start a position here and add to as it works out with an initial stop under the 9\/23 low.<\/p>\n
— John Bollinger (@bbands) October 5, 2020<\/a><\/p><\/blockquote>\n