Renowned technical analyst John Bollinger has identified patterns within the Ether and Solana charts that might indicate big progress, especially if something similar happens with Bitcoin.
John Bollinger has identified “potential 'W' bottoms” on the charts of Ether (ETH) and Solana (SOL) within the Bollinger Bands, a volatility indicator he invented, however the pattern has not yet formed on the chart of Bitcoin (BTC), he said.
“I believe it’s almost time to concentrate.”
ETH and SOL seem like forming double bottoms while Bitcoin remains to be within the strategy of forming its base. A “W” bottom within the Bollinger Bands is a bullish reversal signal that indicates a possible upward move in price.
Ether has fallen twice this month to $3,700 and appears to be recovering, while Solana mirrored this trend with a double drop to $175 in October, followed by a slight recovery.
Bitcoin posted a big “V”-shaped decline, falling below $104,000 on Friday before recovering over the weekend and trading on the lower band of a range-bound channel that formed in mid-May when it broke into the six-figure range.
Time to concentrate
Analyst “Satoshi Flipper” noted that the last time Bollinger advised attention was in July 2024. Bitcoin rose from under $55,000 to over $100,000 in the next six months.
“It is indeed time to concentrate. This is an actual squeeze and the controlling feature is a two-bar reversal on the lower band,” he said on the time.
After months of heavy compression, Bitcoin Bollinger Bands have widened this month as volatility increased with last weekend's record leverage flush. Analysts had predicted this “volatility storm” in the course of the market downturn in September.
BTC Bollinger Bands each day timeframe. Source: TradingView
Check out the 50-week SMA
Since its plunge on Friday, BTC has did not break the $108,000 support and resistance level.
However, despite all of the fear and panic, analysts remain confident that we should not yet in a bear market.
Analyst “Sykodelic” said markets were still in an uptrend and used the 50-week easy moving average, which has been marked 4 times since November, as a technical indicator.
“Every time the worth went all the way down to 1W 50SMA there was loads of fear out there, the bulk panicked and everybody said it was over. And each time the worth recovered strongly and went much higher.”
