The $ 20k Bitcoin attempt is a classic Top Setup – Bollinger

Quick grip:

• Yesterday, John Bollinger warned that the $ 20k Bitcoin attempt is a classic top setup
• Bitcoin has since dropped from $ 19,900 to $ 18k in a flash crash
• The 50-day moving average looks like a good area for a rebound
• Other macro support zones are found at $ 16,300, $ 15,600 and $ 14,800

Late yesterday, the inventor of the popular Bollinger Bands Upload Tool John Bollinger warned Bitcoin traders that BTC may have printed a classic top setup. Mr. Bollinger went on to explain that the setting had yet to be confirmed, but experienced traders “should wash their hands”.

Mr. Bollinger’s statement can be found below along with a screenshot of the Bitcoin chart he shared to further elaborate on his idea.

OK, it’s time to pay attention, $ BTCUSD. This is a classic top setup. No confirmation yet and the installation could easily be outdated, but wise traders should wash their glasses.

If you can’t stand the heat, get out of the kitchen – Bollinger

Mr. Bollinger would later add to his analysis using an old saying that referred to the general situation of Bitcoin. According to Mr. Bollinger, “if you can’t stand the heat, get out of the kitchen.” Mr. Bollinger added that he likes the heat. His comments can be found in the following tweet.

The old proverb says: “If you can’t stand the heat, get out of the kitchen.” Well, I like the heat, so carry it on.

– John Bollinger (@bbands) November 30, 2020

Bitcoin drops close to $ 2k

A few hours after Mr. Bollinger warned about a possible high for Bitcoin, the Crypto King posted a 2020 high of $ 19,900 – Binance rate. However, as soon as this value was reached, Bitcoin quickly and furiously fell to $ 18,000 and is currently trading at $ 18,800.

From the 1 hour timeframe, Bitcoin has printed a classic Bart Simpson pattern which could confirm Mr. Bollinger’s analysis of a possible high. This further indicates that Bitcoin could initiate a pullback which could see BTC revisit the following known support areas.

• $ 18,300
• $ 17,800
• $ 17,500
• $ 16,800
• $ 16,300
• $ 15,600
• $ 14,800

Bitcoin’s 50-day moving average could also provide an area for a possible rebound for the Crypto king. At the time of writing, this moving average hovers around the $ 15,000 price area.