API3 Double-Bottom Coming Into View (Reversal Possible)We are witnessing the development of a double-bottom pattern on this API3BTC trading pair. This is a nice development because it indicates that the consolidation phase is over.
This is a good example where patience is key. If you entered in late August, you had the chance to sell at a loss in the past few days or weeks, but if you wait patiently, you can easily win.
After more than a month of sideways action, the downturn only produced a shy lower low, a technical double-bottom. Since this is not a new major low, it indicates that a reversal is pretty close. When we are at the bottom, trading low or near support, it is time to accumulate with the strategy to buy and hold.
Once bought, patience is key, the market will take care of the rest.
There is nothing else that can be done. There is no need to jump around, no need to be anxious, no need to worry about liquidation because we are trading spot. Spot is easy and has very low risk. The worst case scenario is a long-term wait.
If you are doing leverage, as soon as you make a mistake, all of your money is taken away. If you make a mistake here, you can take a small loss or you can simply wait. In some cases, it is wise to even buy more because the chart setup becomes stronger the longer it takes to break up, and up it will break.
Patience is key.
This is a short- to mid-term chart setup.
Thank you for reading.
Namaste.
