Bitcoin | Bollinger Bands (Daily & Weekly Timeframes)

If you are familiar with the bollinger bands you know how nice an indicator this is...

Each time the candles rush out of any of the bands, prices tend to bounce and move in the contrary direction.

Here is an example using BTCUSD daily:

Notice how BTCUSD went out of the bands recently which normally tends to result in a reversal.

Also notice that the upper band is set around $34,700.

In my previous trade idea titled, "Bitcoin V Shaped Bottom Leads To 85-95%+ Recovery On Average", we found multiple indicators pointing to this same target.

See it here:

Being conservative a bounce can lead to at least $28,000...
We take into consideration all options and prepare for ALL POSSIBLE scenarios.

We buy strong BEFORE prices start to move up.

Let's continue with the weekly timeframe shall we...

The same, we are looking at the bollinger bands but we have additional signals to give more strength to our bias.

On top of the BB, we also have a classic EW ABC correction, oversold RSI, etc.

The middle band is set around $35,000 which is equivalent to the $34,700 resistance we mentioned above.

There is also a ~$28,650 resistance based on the Fib. retracement tool.

In conclusion, we have multiple signals pointing to a potential relief rally... The one we've been waiting for since late May.

We also extracted multiple targets.

With all this said...

You still need a well developed and thoughtout plan to be successful before you trade.

Namaste.