Veteran Trader John Bollinger Explains Why He Bought Ethereum
Prominent Trader John Bollinger Has Announced a “Trial Position” in Ethereum
Leading US financial analyst and trader John Bollinger has tweeted about buying a small amount of Ethereum, the second largest cryptocurrency.
I bought a little $ethusd, a trial position, last night, with a close stop – well close for crypto… I liked the pattern on the six o’clock and was looking for an entrance. Not trading with a lot of confidence and I’m probably early but teen is in and I’m focused now.
— John Bollinger (@bbands) January 27, 2022
The veteran trader behind the “Bollinger Bands” indicator claims that it is a “trial position”.
Bollinger explains that a bullish pattern on Ethereum’s six-hour chart prompted him to make the aforementioned purchase.
That said, he has warned his followers that this is not “trading with high confidence”, adding that the timing of his purchase may not be the best.
Earlier this month, Bollinger tweeted that:
Ethereum plunged to an intraday low of $2,160 this Monday amid an ongoing correction in the cryptocurrency market. On Wednesday, the cryptocurrency surpassed $2,700 in a relief rally to quickly give up its gains. Ethereum is currently trading for about $2,400 on major spot exchanges.
In particular, Bollinger urged his followers to pay attention to the Ethereum chart right on the edge of the correction.
The flagship altcoin is down 51.21% from its all-time high of $4,878.