Bollinger Spots W Bottoms In Ether And Solana Charts

Renowned technical analyst John Bollinger has identified patterns in the Ethereum and Solana charts that could indicate a significant move forward, especially if something similar happens with Bitcoin.

John Bollinger identified “potential ‘W’ lows” in Bollinger Bands, a volatility indicator he invented, on the Ethereum (ETH) and Solana (SOL) charts, but the pattern has yet to form on the Bitcoin (BTC) chart, He said.

“It’ll be a good time to pay attention soon, I think.”

ETH and SOL appear to be creating double bottoms while Bitcoin is still forming its base. The “W” bottom in the Bollinger Band indicator is a bullish reversal signal that indicates a potential upward price movement.

Ethereum has fallen to $3,700 twice this month and appears to be recovering, while Solana reversed this move with a double drop to $175 in October, followed by a slight recovery.

Bitcoin had a major “V”-shaped decline, falling below $104,000 on Friday before recovering over the weekend to trade at the lower range of the range-bound channel that formed in mid-May when it split into six figures.

It’s time to pay attention

Analyst Satoshi Flipper Notice The last time Bollinger advised paying attention was in July 2024. Bitcoin pumped from less than $55,000 to more than $100,000 in the next six months.

“It’s really time to pay attention. This is real pressure and the control feature is a two-bar reversal in the lower band,” He said at that time.

Related to: Bitcoin’s record pressure indicates a “big volatility storm” ahead

After months of tight squeeze, Bitcoin Bollinger Bands widened this month as volatility increased with a record leverage influx last weekend. Analysts had predicted this “volatility storm” during a market calm period in September.

BTC Bollinger Band daily time frame. source: TradingView

Watch the 50-week simple moving average

BTC has failed to break the support-turned-resistance level at $108,000 since its drop on Friday.

However, analysts remain confident that we are not in a bear market yet, despite all the fear and panic.

Markets remain in an uptrend, analyst Psychodelik said, using the 50-week simple moving average, which has been marked four times since November, as a technical indicator.

“Every time the price fell to the 1W 50SMA, there was a collective fear in the market, with panic selling for the majority and everyone saying it was over. And each time the price rebounded strongly and rose much higher.”