Bitcoin Technical: Double Bottom Setting Up for $124.6K?

Oct 1

Hi guys!

Bullish Divergence
Bitcoin has recently formed a bullish divergence, which signals that selling pressure is weakening and buyers are stepping in.

Double Bottom Formation
A double bottom pattern is clearly visible, but the critical neckline resistance around $118,163 hasn’t been broken yet. This area is the key confirmation level.

Potential Breakout
Thanks to the bullish divergence, there’s a strong possibility that BTC will break above this neckline in the coming sessions.

Long Position Strategy
The safest long entry would be after the neckline breakout and a small pullback (correction) to confirm support. This reduces the risk of a false breakout.

Target Projection
If confirmed, the double bottom pattern projects a target around $124,600, offering a solid upside potential from the current levels.


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Oct 2

Trade active

Oct 3

Note

it is running

Oct 4

Trade closed: target reached

You can close 70% of it here

7 days ago

Note

final target has been touched: