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Bitcoin’s Flash Rally to $10,400 was “Fake”, Short the Cryptocurrency, Warns Renowned Trader Bollinger

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Long time trader John Bollinger has warned that bitcoin’s flash rally to over $10,400 on Monday was fake, adding that losses might be on the way.

“This is a Head Fake at the upper Bollinger Band for $btcusd,” tweeted Bollinger, inventor of the Bollinger Bands indicator.

A ‘head-fake’ trade happens when an asset price makes a move in one direction, but then reverses course and moves in the opposite direction, according to the know-it-all online dictionary Investopedia.

Bollinger Bands define high and low on a relative basis. By definition prices are high at the upper band and low at the ...

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