Summary
- John Bollinger said that a 'W-shaped bottom' pattern is being observed on the charts of Ethereum and Solana.
- He said that if this pattern completes, there is a high possibility of a market rebound.
- Analysts said that recently Bitcoin, Ethereum, and Solana all signaled large market moves and the possibility of a shift to an uptrend.
John Bollinger, the creator of the Bollinger Bands, claimed that a 'W-shaped bottom (W-bottom)' pattern is appearing on the Ethereum (ETH) and Solana (SOL) charts.
On the 18th (local time), according to Cointelegraph, John Bollinger said, "A potential W-shaped bottom is observed in Ethereum and Solana," adding, "If this pattern completes, the market is highly likely to switch back to an uptrend."
The Bollinger Bands' 'W-shaped bottom' is a typical bullish signal indicating the downtrend has ended and an upward reversal is imminent.
He continued, "On the Bitcoin (BTC) chart the pattern has not yet fully formed, but a time to pay attention will come soon," and added, "The market may show a big move soon."
'Sykodelic', a crypto asset analyst, also forecasted a rebound. He explained, "The market is currently steeped in fear, but it is still judged to be a correction within an uptrend," adding, "Recently Bitcoin crashed every time it touched the 50-week simple moving average (50-week SMA), but then strongly rebounded."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
