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Potentialdoublebottom

BTCUSD -D1- DOUBLE BOTTOM IN PROGRESS !Good morning, today we are going to look at the daily and 4 hours time frame where something is cooking ! DAILY (D1) Price action seen over the last days is showing a potential double bottom in progress coupled with a bullish divergence ! The trigger level of this potential double bottom is @ 48'307 which if broken (on a daily basis) would open the door for a technical target of 51'136. The Tenkan-Sen also coincides with this trigger level and therefore an upside breakout of that level (again on a daily closing level) should not be underestimated. Nevertheless, do not forget either, the Mid Bollinger Band, currently @ 49'044, which should also be watched at very carefully as this indicator worked, as you can see on the daily chart perfectly well as a barometer indicator, from the breakout of the 63'135 level ! On the downside, the 45'500 area has already been tested three times and therefore should be seen as the first significant support zone to look at as a failure to hold above it would this time open the door for the former low of 42'000 reached on December 4th. 4 HOURS (H4) Still in its ongoing downtrend, below the clouds but above the cluster of MBB, TS and KS. Interesting to note that the top of the clouds in this H4 time frame is currently around 48'300 which also coincides with the trigger level of the potential double bottom, above mentioned. Indeed a breakout confirmation of the H4 time frame would also trigger a breakout of this ongoing downtrend channel and would open the door for higher levels. On the downside, the former 46'700-46'900 resistance area (cluster) should now be seen as the new support zone in this H4 time frame CONCLUSION : Watch also shorter intraday time frames which will help you : 1) to detect early signal (s) of a "bull trap" as we are still in a broad bear trend ! 2) intraday (very short term price action) will validate or invalidate the implications of each scenario above mentioned in H4 and D1 Have a nice day. Ironman8848 & Jean-Pierre Burki
BITSTAMP:BTCUSD
by Ironman8848