BTC UPDATE - DOES THE SITUATION REPEAT?
The situation repeats.
After the first double bottom, the support level has shifted upwards, the elementary pattern works out perfectly.
Currently, the Important level is in the range $5150-$5200 (50% fibonacci level from the recent drop), there the price has formed another double bottom (marked circles).
LONG squeeze spike can hit levels down to $5130, before going up. In case this level will be broken with the strong downward impulse, the local trend can be changed to the downward. However, at the current moment, the priority of the trend is upward. The first target is $5360 (new resistance). The remaining global targets were mentioned in the chart. We've described them in the previous BTC UPDATE.
If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
After the first double bottom, the support level has shifted upwards, the elementary pattern works out perfectly.
Currently, the Important level is in the range $5150-$5200 (50% fibonacci level from the recent drop), there the price has formed another double bottom (marked circles).
LONG squeeze spike can hit levels down to $5130, before going up. In case this level will be broken with the strong downward impulse, the local trend can be changed to the downward. However, at the current moment, the priority of the trend is upward. The first target is $5360 (new resistance). The remaining global targets were mentioned in the chart. We've described them in the previous BTC UPDATE.
If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
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