BTC - Is Bitcoin forming a double bottom again right now?
Updated
In July Bitcoin formed a double bottom at 9.1k with the neckline around 11.1k at the 50% retracement of the current bubble peak.
Today we came close to the low of 2 weeks ago around 9520 (9570 today) also hitting exacly the 38.2% retracement of the end of 2017, the neckline was around 11k and also close to the 50% retracement of the beginning of August.
We also did land in the support zone and current at the rendezvous of the daily 100 and the 61.8% of this month.
This could become a textbook of "The Bitcoin Double Bottom" - but first we need to achieve:
From there Bitcoin would test the trendline and most likely the 50% retracement of 2017 around 11.5k.
Today we came close to the low of 2 weeks ago around 9520 (9570 today) also hitting exacly the 38.2% retracement of the end of 2017, the neckline was around 11k and also close to the 50% retracement of the beginning of August.
We also did land in the support zone and current at the rendezvous of the daily 100 and the 61.8% of this month.
This could become a textbook of "The Bitcoin Double Bottom" - but first we need to achieve:
- Today a close above 9.7k, the daily 100
- Further upside in the next week
- A close above 10.3k, the projected daily 21
- And eventually breaking the neckline at 11k
From there Bitcoin would test the trendline and most likely the 50% retracement of 2017 around 11.5k.
Comment
Yesterday we fullfilled the first 3 exacly following the forecast I made with the green circle - heading for 11k to break the neckline and testing the trendline, now between 11.3-11.4k.
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