Same Bitcoin Signal That Called 2017’s $20,000 High Shows the Top Is Near

After plunging as low as $8,600 on June 2nd, Bitcoin has bounced back to $9,700, reclaiming support level after support level. Bitcoin has shown extremely impressive strength since the lows seen in March of $3,700.

One trader shared the chart below on June 6th with the following comment: What he’s referring to is the fact that Bitcoin is nearing the top of the Bollinger Bands (shaded in turquoise in the chart below). Should Bitcoin follow historical precedent, the rally will continue but will end as soon as BTC begins to interact with the top of the Bollinger Bands, currently at $11,000.

Timeline of Bitcoin