Bitcoin Bollinger Bands Tighten After Weeks of Consolidation

bitcoin price bollinger bands april 2021

A volatility indicator called Bollinger Bands, or bbands for short, has significantly tightened recently, suggesting a sharp move is to be expected. Bollinger Bands are a type of price envelope developed by John Bollinger who now and then tweets about bitcoin. They also suggest that after a period of low volatility, high volatility follows, and vice versa. Bitcoin currently has been consolidating for the past six weeks, with its price range narrowing. In mid February it went from $58,500 to $43,000, with it shooting up to $62,000 followed by $50,500. It more recently reached just about $60,000, to then stop at $56,500 with it currently trading at $58,000. This is making $60,000 one of the biggest resistance that bitcoin has ever seen, with some suggesting this strong resistance is typical at 3x above its previous all time high. The narrowing range indicates there will be a breakout at some point,…

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