{"id":561835,"date":"2020-05-29T20:43:10","date_gmt":"2020-05-29T18:43:10","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=561835"},"modified":"2020-05-29T20:46:17","modified_gmt":"2020-05-29T18:46:17","slug":"the-creator-of-bollinger-bands-hints-at-bitcoin-btc-breaking-10k","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/the-creator-of-bollinger-bands-hints-at-bitcoin-btc-breaking-10k\/","title":{"rendered":"The Creator of Bollinger Bands Hints at Bitcoin (BTC) Breaking $10K"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>The creator of Bolling Bands has postulated a scenario where Bitcoin rallies and breaks $10,000.<\/strong><\/li>\n<li><strong>CME Bitcoin futures expired earlier today.\u00a0\u00a0<\/strong><\/li>\n<li><strong>Bitcoin is holding steady above the $9,400 and $9,300 support levels.\u00a0<\/strong><\/li>\n<\/ul>\n<p>The creator of the industry-tested charting tool of Bollinger Bands, John Bollinger, has hinted at the possibility of Bitcoin experiencing a nice rally that could see BTC push hard above the psychological price of $10,000. Mr. Bollinger expressed his trading idea via the following Tweet.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTCUSD<\/a> crams some wax in its ears, and so misses the Siren&#39;s song, we could see a nice rally here as the psychological resistance at the round number gets torn out.<\/p>\n<p>&mdash; John Bollinger (@bbands) <a href=\"https:\/\/twitter.com\/bbands\/status\/1266408599531556868?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">May 29, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>May&#8217;s CME Bitcoin Futures Have Expired<\/h2>\n<p>Also to note, is that the CME Bitcoin futures for the month of May expired a few hours ago. <a href=\"https:\/\/www.cmegroup.com\/trading\/equity-index\/us-index\/bitcoin_contract_specifications.html\" rel=\"nofollow noopener\">According to the CME Group website<\/a>, the derivatives expire on the last Friday of every month at 4 pm London time.<\/p>\n<blockquote><p>Trading terminates at 4:00 p.m. London time on the last Friday of the contract month. If this is not both a London and U.S. business day, trading terminates on the prior London and the U.S. business day.<\/p><\/blockquote>\n<h2>What Next for Bitcoin in the Crypto Markets?<\/h2>\n<div>\n<dl id=\"attachment_561836\">\n<dt><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/05\/BTCUSDT-1-Day-May-29th.jpg\"><img src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/05\/BTCUSDT-1-Day-May-29th-1024x453.jpg\" alt=\"\" width=\"1024\" height=\"453\" title=\"\"><\/a><\/dt>\n<dd>1-Day BTC\/USDT chart<\/dd>\n<\/dl>\n<\/div>\n<p>Further taking a look at the daily BTC\/USDT chart courtesy of Tradingview.com, we observe the following.<\/p>\n<ul>\n<li><a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-could-break-10k-thanks-to-a-golden-cross-on-the-daily\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Golden Cross<\/a> on the daily chart is very much valid and could lead to BTC testing $10,000 once again.<\/li>\n<li>The current price of Bitcoin at $9,400 is above the 50-day, 100-day, and 200-day moving averages further pleading the case of a bullish scenario in the following days.<\/li>\n<li>The short term support zones for Bitcoin are $9,300, $9,200, $9,050, $8,800 and $8,600.<\/li>\n<li>Conversely, the short term resistance zones for Bitcoin are around <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-tests-9500-a-day-after-goldman-sachs-advises-against-btc\/\" target=\"_blank\" rel=\"noopener noreferrer\">$9,500<\/a>, $9,600, $9,680, $9,773, $9,879, $9,940 and $10,000.<\/li>\n<\/ul>\n<h2>Possible Retracement for Bitcoin Before a Push-Up<\/h2>\n<p>However, there is the possibility of a retracement for Bitcoin as seen through the following chart on the 6-hour timeframe.<\/p>\n<div>\n<dl id=\"attachment_561838\">\n<dt><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/05\/6hour-BTCUSDT-May-29th.jpg\"><img src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/05\/6hour-BTCUSDT-May-29th-1024x486.jpg\" alt=\"\" width=\"1024\" height=\"486\" title=\"\"><\/a><\/dt>\n<dd>6-Hour BTC\/USDT Chart<\/dd>\n<\/dl>\n<\/div>\n<p>From this chart, we observe that the bullish momentum of Bitcoin in recent days might be followed by a retracement. The trade volume is seen to be reducing with the MACD moving averages further indicating a move down into the weekend. Additionally, the MFI is high at 75 further pointing to a scenario where Bitcoin will undergo a cool down before the move Mr. Bollinger has suggested, plays out.<\/p>\n<p>As with all technical analyses of Bitcoin, traders and investors are advised to practice risk management as well as use stop losses to protect trading capital.<\/p>\n<p>(Feature image courtesy of Unsplash.com)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief: The creator of Bolling Bands has postulated a scenario where Bitcoin rallies and breaks $10,000. CME Bitcoin futures expired earlier today.\u00a0\u00a0 Bitcoin is holding steady above the $9,400 and $9,300 support levels.\u00a0 The creator of the industry-tested charting tool of Bollinger Bands, John Bollinger, has hinted at the possibility of Bitcoin experiencing a nice rally that could see BTC push hard above the psychological price of $10,000. Mr. Bollinger expressed his trading idea via the following Tweet. If [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":561839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,947],"tags":[1233,108040,108041,1212],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/561835"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=561835"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/561835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/561839"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=561835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=561835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=561835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}