Renowned analyst warns bitcoin holders of danger

The creator of the Bollinger Lines indicator advised traders and investors to closely follow the quotations of the first cryptocurrency

Renowned analyst John Bollinger warned bitcoin holders that they should closely monitor the quotations after the rate of the main cryptocurrency fell below $50,000. Bollinger is the creator of the Bollinger Lines indicator, which is included in the basic packages of technical tools of trading platforms.

Bollinger advises long-term holders to hedge and fix some profits. At the same time, the trader believes that a possible further decline in bitcoin prices can be used for additional purchases of the cryptocurrency. For aggressive traders, Bollinger recommended placing short positions.

On August 23, the price of bitcoin for the first time since mid-May exceeded $50,000. After that, it began to decline. As of August 25, the price of the first cryptocurrency is $47.7 thousand, it has fallen by 4% over the past 24 hours.

John Bollinger (born in 1950) is the founder and currently the president of his corporation, Bollinger Capital Management. He also publishes the Capital Growth Letter, has written a book on his trading strategy and appears weekly on CNBC (FNN's successor channel) with analytical comments. Previously, John was one of the chief analysts at Financial News Network (FNN), a national news channel devoted exclusively to financial news.