BITCOIN FORCAST * *POTENTIAL DOUBLE BOTTOM*
Updated
Hey traders,
Heres a couple of possible outcomes for the current situation regarding bitcoin.
Situation #1: We can get a solid bounce on the 618-382 which would be a the most bullish scenario establishing a higher low on the 4 hour daily chart.
Situation #2: we can get the bounce but it wont be strong enough to break the downtrend lines and fall down. or break the downtrend line then fall over. creating a double bottom
Situation #3: maybe some sides ways trading. a lot of markets usually see a period of consiladions after huge crashes but we know one month in crypto is a year of tradional markets.
Situation #4: Total loss of supports and looking for new lows
Im out if the 618 doesnt hold and seeing where it goes.
At the end of the day bitcoin is gonna do what it wants to do.
Thank you , trade safe!
*edit* meant to say "higher low" on the chart text
Heres a couple of possible outcomes for the current situation regarding bitcoin.
Situation #1: We can get a solid bounce on the 618-382 which would be a the most bullish scenario establishing a higher low on the 4 hour daily chart.
Situation #2: we can get the bounce but it wont be strong enough to break the downtrend lines and fall down. or break the downtrend line then fall over. creating a double bottom
Situation #3: maybe some sides ways trading. a lot of markets usually see a period of consiladions after huge crashes but we know one month in crypto is a year of tradional markets.
Situation #4: Total loss of supports and looking for new lows
Im out if the 618 doesnt hold and seeing where it goes.
At the end of the day bitcoin is gonna do what it wants to do.
Thank you , trade safe!
*edit* meant to say "higher low" on the chart text
Note
I personally think we will set that higher low, because i think the sentiment is changing over and accumulation faze of the market is over (or it might not be).Have a nice night!
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