U.Today - is once again capturing the attention of renowned trader John Bollinger, who for a bullish trend. On Monday, the digital asset reclaimed its $27,000 price point, but it is yet to be seen whether this is the start of another rally.
Understanding the Bollinger Bands
, famous for developing the 'Bollinger Bands,' a set of trend lines plotted in and around the price structure of a traded asset, took to Twitter to discuss Bitcoin's recent price movement.Bollinger Bands are primarily used to measure the market's highness or lowness relative to previous trades. "And there is the first tag of the upper Bollinger Band after a new set of controlling bars was established at the lower band. The question is now can we do a walk up the upper band? Too early to answer," tweeted Bollinger. This analysis suggests a tentative optimism; the Bitcoin price tag on the upper could indicate a potential upward trend, but Bollinger remains cautious.