{"id":11617,"date":"2023-04-22T08:02:40","date_gmt":"2023-04-22T08:02:40","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11617"},"modified":"2023-04-22T08:02:41","modified_gmt":"2023-04-22T08:02:41","slug":"bitcoin-at-key-point-with-btc-price-at-28-8k-bollinger-bands-creator","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11617","title":{"rendered":"Bitcoin at key point with BTC price at $28.8K \u2014 Bollinger Bands creator"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) fell below $29,000 into April 20 as bulls faced a battle for ground reclaimed in March.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Will $30,000 become Bitcoin&#8217;s latest &#8220;Bart Simpson&#8221;?<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD heading to $28,800 on Bitstamp.<\/p>\n<p>Earlier wicks below $28,600 were quickly bought up, but Bitcoin still threatened to flip $29,000 to resistance on the day, as traders eyed a crucial support zone.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC \/ $USD &#8211; Update <\/p>\n<p>On support now, so I am scalping a long while we remain above the lows at $28,550 on a 4 hour closure<\/p>\n<p>Will see how this plays out today  pic.twitter.com\/qsjmVn2kb9<\/p>\n<p>\u2014 Crypto Tony (@CryptoTony__) April 20, 2023<\/p>\n<p>\u201cWhilst the Bitcoin market is correcting, we still have the average transactor taking profits,\u201d Checkmate, lead on-chain analyst at Glassnode, wrote in part of Twitter analysis. <\/p>\n<p>\u201cTo me, this indicates that chips are still being taken off the table, and we don\u2019t yet have a flush out of top buyers in full (like March).\u201d<\/p>\n<p>Checkmate added that he was waiting for realized losses to take control as a signal of \u201cpanic\u201d by those who bought BTC as it crossed $30,000 this month.<\/p>\n<p>An accompanying chart showed the Adjusted Spent Output Profit Ratio (aSOPR) metric, which captures aggregate profit and loss of on-chain transactions.<\/p>\n<p><em>Bitcoin aSOPR chart. Source: Checkmate\/Twitter<\/em><\/p>\n<p>Some more optimistic takes remained, with analyst Matthew Hyland noting one-month lows in Bitcoin\u2019s relative strength index (RSI) on daily timeframes.<\/p>\n<p>RSI gives an insight into how overbought or oversold BTC\/USD is at a given price level, and while still relatively high, such a reset and subsequent reversion can signal an inbound uptrend.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin Daily RSI now at lowest point since BTC closed at $24,200 over a month ago pic.twitter.com\/JjGd7IqVJ5<\/p>\n<p>\u2014 Matthew Hyland (@MatthewHyland_) April 19, 2023<\/p>\n<p>Elsewhere, popular trader and analyst Jelle continued to observe a copycat formation by BTC\/USD, which neatly followed a price fractal from 2020. <\/p>\n<p>This ultimately produced a so-called \u201cBart Simpson\u201d pattern \u2014 a spike higher, followed by a plateau and subsequent retracement \u2014 only to then break out even higher later on.<\/p>\n<p>\u201c$28.800 acting as a bottom so far. If we can hold here for the next week or so &#8211; I see us breaking $30.000 soon after,\u201d Jelle predicted.<\/p>\n<p><em>BTC\/USD chart fractal. Source: Jelle\/Twitter<\/em><\/p>\n<h2>BTC price returns to \u201clogical place\u201d<\/h2>\n<p>With volatility returning to BTC\/USD in recent days, John Bollinger, creator of the Bollinger bands volatility indicator, meanwhile called for caution.<\/p>\n<p><strong><em>Related: Is Bitcoin overbought or oversold? Use Bollinger Bands to find out!<\/em><\/strong><\/p>\n<p>Bitcoin, he noted on the day, had reversed away from its upper Bollinger band, abandoning a breakout beyond it.<\/p>\n<p>\u201cBitcoin just pulled back to its middle Bollinger Band and its prior breakout level. We call this a logical place. Time to Pay Attention!\u201d he tweeted.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp) with Bollinger bands. Source: TradingView<\/em><\/p>\n<p><strong><em>Magazine: Crypto audits and bug bounties are broken: Here\u2019s how to fix them<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-at-key-point-with-btc-price-at-28-8k-bollinger-bands-creator\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell below $29,000 into April 20 as bulls faced a battle for ground reclaimed in March. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Will $30,000 become Bitcoin&#8217;s latest &#8220;Bart Simpson&#8221;? Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD heading to $28,800 on Bitstamp. Earlier wicks below $28,600 were quickly bought up, but [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11617"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11617\/revisions"}],"predecessor-version":[{"id":11619,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11617\/revisions\/11619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11618"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}