Bitcoin found itself in dangerous waters again, falling to $ 47,750 earlier today on Bitstamp.
In a recent tweet, John Bollinger, the inventor of the Bollinger Bands, argues that traders need to “be on the lookout.”
While the legendary chart says there is no confirmation at the moment, it claims aggressive traders might consider going short.
Meanwhile, according to Bollinger, long-term holders can use the dip as an opportunity to accumulate more sat.
Sailor fails to prevent the fix
After failing to reclaim the key $ 51,000 level on August 23, the flagship cryptocurrency fell nearly 6 percent from its local high of $ 50,562.
The renewed weakness has raised concerns about a possible reversal from bullish to bearish.
Earlier, business intelligence company MicroStrategy did not save the day by buying $ 177 million worth of bitcoin. In fact, the Bitcoin debacle intensified shortly after the announcement.
The Bitcoin correction drove the rest of the market down, with Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT) all lagging behind in the top 10.