Medium term double bottom established
We've put in a nice double bottom on the hourly chart with a clean break of the neckline and a retest of the low on lower volume. There has been a lot of selling over the last week, and there may be more to come, but this is a relatively safe entry for an interim bottom.
I've outlined a few levels of resistance on the chart. It may take a little while to get to the brown line, but I expect to break through it by the full moon on Feb. 3. The yellow line is the bottom of the breakout zone before the last parabolic move which stopped us during the last rally before subsequently putting in lower highs and eventually breaking through $220 support with a lack of conviction followed by a double bottom and breakout to the upside.
BTC Donations:
15rWqRs97jdhZ3mGpFnpZQcTmR6fgssa4A
I've outlined a few levels of resistance on the chart. It may take a little while to get to the brown line, but I expect to break through it by the full moon on Feb. 3. The yellow line is the bottom of the breakout zone before the last parabolic move which stopped us during the last rally before subsequently putting in lower highs and eventually breaking through $220 support with a lack of conviction followed by a double bottom and breakout to the upside.
BTC Donations:
15rWqRs97jdhZ3mGpFnpZQcTmR6fgssa4A
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.