Legendary trader John Bollinger takes interest in Bitcoin (BTC) and Litecoin (LTC) amidst a double-digit rally that could turn the tables once again
Bitcoin started Q2 on a high note, finally breaking above the $7,000 level for the first time since its March 12 flash-crash.
Meanwhile, John Bollinger, the creator of the Bollinger Bands indicator, says that the setups of both Bitcoin and Litecoin ‘look interesting.’
The moment of truth
The trading legend shared his take in Scott Melker’s thread about BTC breaking out of a massive ascending triangle on the four-hour that the latter described as ‘the moment of truth’ for the leading cryptocurrency.
BTC has just reached an intraday high of $7,273 before the rally hit a pause button, but it is still up 14 percent.
Nearly all top 10 cryptocurrencies, including the ‘digital silver,’ have logged double-digit gains’ over the last 24 hours, according to CoinStats data.
Oil pumps Bitcoin
As reported by U.Today, Bitcoin consolidated in the $6,600 area despite all major U.S. stock market averages opening in the red because of a mind-boggling number of new jobless claims.
However, the energy sector saved the day on the news about Saudi Arabia and Russia agreeing to cut supply. Notably, Bitcoin also extended its April Fools’ Day rally after President Donald Trump tweeted about the truce.
The Dow and the S&P 500 are currently up 0.80 percent and 1.19 percent respectively.