This is a continuation from the BTCUSD pattern discussed on January 26th, and February 21st, 2022.
Recently, the price of bitcoin tested the bottom support levels provided by the intersection (yellow circle at ~$34.4k) of:
- the upper bound of a previously-formed descending broadening wedge (descending green lines)
- the support of higher lows (ascending green lines).
The bounce from these supports has resulted in a double-bottom formation (neckline depicted by orange lines).
This double-bottom becomes activated if a breakout candle closes above the neckline followed by confirmation of the neckline as support.
If the double-bottom neckline gets activated, the target price is ~$59k (red circle).
This projected targeted price coincides with a 0.786 Fibonacci level.
Recently, the price of bitcoin tested the bottom support levels provided by the intersection (yellow circle at ~$34.4k) of:
- the upper bound of a previously-formed descending broadening wedge (descending green lines)
- the support of higher lows (ascending green lines).
The bounce from these supports has resulted in a double-bottom formation (neckline depicted by orange lines).
This double-bottom becomes activated if a breakout candle closes above the neckline followed by confirmation of the neckline as support.
If the double-bottom neckline gets activated, the target price is ~$59k (red circle).
This projected targeted price coincides with a 0.786 Fibonacci level.
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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.