bullish

<p><a href="https://en.coin-turk.com/demystifying-rumors-blackrocks-bitcoin-plans-and-the-crypto-conspiracy-theories/" rel="noopener noreferrer nofollow">Bitcoin</a> has experienced a sharp downward trend in recent weeks, leaving the market cautious yet mildly optimistic as certain technical signals begin to emerge. The continuing selling pressure has previously canceled out various bullish indicators that appeared earlier.</p>
<h2 id="bollinger-highlights-a-key-technical-formation">Bollinger highlights a key technical formation</h2>
<p>Market technician John Bollinger, known for developing the widely used Bollinger Bands indicator, drew attention to the formation of a double-bottom W pattern in a Thursday analysis. He noted that this structure could serve as the first significant technical signal potentially ending Bitcoin’s ongoing downtrend after several failed attempts to reverse momentum.</p>
<blockquote>
 <p>John Bollinger underscored that the current chart shows a W formation, suggesting the downturn may be coming to an end, and also described the pattern as “truly fractal” in its nature.</p>
</blockquote>
<p>Bollinger’s shared chart reveals several sharp corrections following Bitcoin’s unsuccessful attempt to surpass $82,000 in May. This pullback extended to the lower boundaries of the Bollinger Bands, resulting in a three-phase bottom formation—an important development from a technical analysis perspective.</p>
<p>Glossary: In technical analysis, a fractal refers to the repetition of similar structures at different scales within a larger pattern. The W formation, often associated with a double-bottom, is typically viewed as an early signal of a potential shift from a downtrend to an uptrend under certain conditions.</p>
<h2 id="wider-timeframe-signals">Wider timeframe signals</h2>
<p>Bollinger also implied that the W pattern seen on the daily chart might represent the second leg of a larger fractal model on broader timeframes. He advised investors to keep an eye on the weekly chart to gain a fuller view of prevailing market dynamics.</p>
<p>If the current technical structure holds and the price can move and remain above the intermediate peak at $65,000, the months-long downtrend in Bitcoin could potentially come to an end. However, breaching and sustaining above this threshold is critical for confirming any reversal.</p>
<blockquote>
 <p>Looking at the weekly timeframe, the recent daily correction is viewed as forming the second phase of a much larger fractal W pattern.</p>
</blockquote>
<h2 id="price-action-and-risk-factors">Price action and risk factors</h2>
<p>At the time of writing, Bitcoin was trading at $61,556. Despite a modest recovery in recent sessions, the overall pressure in the market persists, and there are no clear signs of a full reversal yet.</p>
<p>Two major concerns continue to dominate: persistent outflows from spot Bitcoin exchange-traded funds (ETFs) and ongoing fears of interest rate hikes. These factors could dampen confirmation of the current technical positivity in the short term.</p>
<p>The post <a href="https://en.coin-turk.com/john-bollinger-identified-a-w-pattern-in-bitcoin-pointing-to-65000-as-the-key-level-to-end-the-downtrend/" rel="noopener noreferrer nofollow">John Bollinger identified a W pattern in Bitcoin, pointing to $65,000 as the key level to end the downtrend</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

John Bollinger identified a W pattern in Bitcoin, pointing to $65,000 as the key level to end the downtrend

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