Bitcoin Eyes $64,928: Will the Double Bottom Confirm?
Updated
Hello, fellow traders! Today, I’m diving into Bitcoin’s recent price action following the Fed's rate cut decision.
Bitcoin has been stuck in a range for some time, and the recent -50bps rate cut has triggered a positive market reaction. Let's break down what this could mean for Bitcoin's next move, with a focus on the developing Double Bottom pattern.
Current Situation: After the Fed's decision on September 18th, Bitcoin is showing signs of upward momentum. However, it's still forming a Double Bottom pattern, which needs to move up to the neckline at $64,928 to confirm a potential breakout.
What to Watch: The key target level for a bullish continuation is $69,607. Currently, we only have a Higher Low established on September 7th, which hints at a possible shift in market sentiment.
Risks: The invalidation level is around $53,968. If Bitcoin drops below this, it would form a Lower Low, potentially signaling a bearish trend.
If you found this analysis helpful, please give it a like and follow for more insights. Let’s keep an eye on Bitcoin’s next moves together! Feel free to ask any questions or request an analysis of another asset in the comments.
Bitcoin has been stuck in a range for some time, and the recent -50bps rate cut has triggered a positive market reaction. Let's break down what this could mean for Bitcoin's next move, with a focus on the developing Double Bottom pattern.
Current Situation: After the Fed's decision on September 18th, Bitcoin is showing signs of upward momentum. However, it's still forming a Double Bottom pattern, which needs to move up to the neckline at $64,928 to confirm a potential breakout.
What to Watch: The key target level for a bullish continuation is $69,607. Currently, we only have a Higher Low established on September 7th, which hints at a possible shift in market sentiment.
Risks: The invalidation level is around $53,968. If Bitcoin drops below this, it would form a Lower Low, potentially signaling a bearish trend.
What do you think, traders? Will Bitcoin break through the neckline, or are we in for another pullback? Share your thoughts in the comments – I'd love to hear your perspective on this pattern!
If you found this analysis helpful, please give it a like and follow for more insights. Let’s keep an eye on Bitcoin’s next moves together! Feel free to ask any questions or request an analysis of another asset in the comments.
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There's a pretty strong resistance area ahead at $63,677. This is the level I'm watching right now.
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Some cool stuff to consider. Price retesting Daily 200-SMA for multiple times this year. (Yes this is daily SMA on 4h chart :)
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❤️🔥 New Highs on Bitcoin! Let's go babyy!
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For the last 3 weeks we've been rising in the channel. After making new Higher High yesterday, I am looking for next target at levels around $69,607. Double Bottom has already formed, and now it is only a question of retesting the neckline $64,928 once again, potentially during this weekend. Check chart to have better understanding.
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