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BitMex top trader warns of a BTC bear trap – Bitcoin News

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

John Bollinger, the creator of Bollinger Bands and a top trader at BitMex on Wednesday, warned the crypto community of a potential bitcoin bear trap in coming days. Bollinger called for a head fake after Bitcoin dropped from $8,200 to $7,900. According to the BTC chart he shared shows a tightening Bollinger Band Range.

John Bolinger, a well-known trader on Wednesday, tweeted that there is a good potential for a Head Fake in $BTCUSD. The BTC chart he shared shows a tightening Bollinger Band Range, which sets up for an explosion move in either direction.

Another top trader on BitMex, AngeloBTC, is also bearish on the bitcoin. He predicted that bitcoin is likely to hit $6,000 in the short term. If bitcoin touches $6,000, it would have to retract more than 50% from the yearly highs.

Later last month bitcoin dropped more 13% in just hours. Since then, the price of the leading has struggled to gain any ground. At the time of writing, BTC is changing hands at down 1.05% $8,070.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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