After the Bitcoin price once again dropping to $8,000 on October 17, technical analyst, inventor of Bollinger Bands indicator John Bollinger noted that at present there is a high probability for a head-fake.
Good potential for a Head Fake in $BTCUSD. Wait for it. https://t.co/JR0rYZdUfS
— John Bollinger (@bbands) October 16, 2019
A head-fake appears when the value of a particular crypto coin all of a sudden makes a huge movement in the reverse direction. It usually takes place at key breakout points, like major support or resistance levels, or closely watched moving averages.
Bitcoin has been stuck in a sideways trading range for about 3 weeks with some significant movements.
With the Bollinger Bands traders have to expect another notable price movement that will determine multi-billion dollars’ future.
$BTC – with three weeks of sideways and the bbands starting to pinch, Bitcoin price could see some volatility soon
Good news is the price is above the 20-day MA for the first time in a month pic.twitter.com/vm0b5DHiA1
— Josh Rager ? (@Josh_Rager) October 13, 2019
Recently, co-founder at Blockroots and crypto trader Josh Rager noted that the BBs started to pinch meaning that traders will perhaps see several fireworks in the short-term. Nevertheless, the bears could find themselves in one of the biggest traps of 2019.
