BTC Bitcoin: Short Term Double Bottom
Updated
Hello friends, today you can review the technical analysis on a 4H linear scale chart for Bitcoin (BTCUSD), a cryptocurrency.
Quick Analysis:
1) This analysis is short-term and shows the Double Bottom Pattern Breakout Potential to around the 56K-57K.
2) If price moves to that target, be ready for a potential Dead Cat Bounce scenario or Bull Trap scenario to happen. This is using the Fibonacci Extension levels.
3) The RSI (relative strength index) is being supported by a trendline.
4) The chart has many of the notes. Please read thoroughly.
5) Remember this is just a scenario of what could happen. Anything is possible.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Quick Analysis:
1) This analysis is short-term and shows the Double Bottom Pattern Breakout Potential to around the 56K-57K.
2) If price moves to that target, be ready for a potential Dead Cat Bounce scenario or Bull Trap scenario to happen. This is using the Fibonacci Extension levels.
3) The RSI (relative strength index) is being supported by a trendline.
4) The chart has many of the notes. Please read thoroughly.
5) Remember this is just a scenario of what could happen. Anything is possible.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
Concerning to see the price drop around 50K. Possibly H&S pattern in forming. DYOR.
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