Bitcoin (BTC/USD) – Double Bottom Breakout in PlayBitcoin has printed a textbook double bottom pattern signaling a potential trend reversal after a sharp decline The market has now broken above the neckline and we may be witnessing the early stages of a bullish continuation
Technical Breakdown:
Pattern Identified:
A clear double bottom has formed with Bottom 1 and Bottom 2 marked around the $73,500–$74,000 zone, indicating strong buyer interest and a possible exhaustion of the prior downtrend
Neckline Breakout:
Price broke above the neckline (~$81,200) triggering bullish momentum and confirming the pattern The breakout was supported by high volume and aggressive follow-through
Consolidation & Retest:
After the breakout, BTC is currently retesting the previous neckline area, which now acts as a support zone. If this zone holds, it could provide a solid base for the next upward leg.
Projected Move:
A successful retest of the neckline could push BTC towards the next key resistance at $84,000–$85,000
If bullish momentum remains strong, a further move to the $87,000 resistance zone is on the table
Resistance: $82,400 – $84,600 - GETTEX:87K
Support Zone: $81,200 – $82,300 (neckline area)
Conclusion:
This double bottom pattern on Bitcoin is a strong bullish reversal signal As long as price holds above the neckline support bulls remain in control Traders should monitor the pullback and watch for bullish confirmation before entering new long positions
Trade with confirmation and always manage risk!
