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BTCUSD is forming a double-bottom pattern in the daily
Bitcoin
Long
BTCUSD is forming a double-bottom pattern in the daily
By aragrevi
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Mar 3, 2022
2
Mar 3, 2022
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.
Trend Analysis
aragrevi
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BTCUSD is testing support on descending broadening wedge
by aragrevi
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