BTC - Why this is not a double bottom
Updated
Yes, we met the lows we formed 2 weeks ago and it might be a possible double bottom formation.
What would need to happen to confirm that assumption?
1) We need momentum to the upside
2) We need to break the trend
3) We need to break the neckline around 11k
Furthermore on the way to the neckline we would have to break the 61.8 retracement that we rejected a couple of hours ago, the 55 daily at 9.9k, the 21 daily at 10.15k and of course the psychological barrier of 10k itself.
If Bitcoin gains huge momentum to the upside, breaking trend and support - let's say break 10.7k - then we might be able to confirm a double bottom igniting an uptrend.
What would need to happen to confirm that assumption?
1) We need momentum to the upside
2) We need to break the trend
3) We need to break the neckline around 11k
- We saw descreasing momentum since we hit the low 2 days ago
- We haven't significantly closed above the trend
- We are far from away from the neckline (which btw is quite high at the 50% retracement from the previous high).
Furthermore on the way to the neckline we would have to break the 61.8 retracement that we rejected a couple of hours ago, the 55 daily at 9.9k, the 21 daily at 10.15k and of course the psychological barrier of 10k itself.
If Bitcoin gains huge momentum to the upside, breaking trend and support - let's say break 10.7k - then we might be able to confirm a double bottom igniting an uptrend.
Comment
All conditions eventually were fullfilled, the double bottom has been confirmed and breaking 10.7k ignited a temporary move upwards.
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