BTC hovering above a key level of 20500-20800.
Still bearish overall, but a short-term rebound from a double bottom isn't unlikely.
Given a diagonal resistance, we could TP of a long at the retracement levels of 0.382-0.618 (or 0.786-0.886 in a more bullish scenario).
This is calculated from recent pivots, as indicated by a gray shaded triangle.
However, remember we've got a very weak weekly close. So going deep is risky, let alone a descending triangle completion as another (immediate bearish) scenario.
Still bearish overall, but a short-term rebound from a double bottom isn't unlikely.
Given a diagonal resistance, we could TP of a long at the retracement levels of 0.382-0.618 (or 0.786-0.886 in a more bullish scenario).
This is calculated from recent pivots, as indicated by a gray shaded triangle.
However, remember we've got a very weak weekly close. So going deep is risky, let alone a descending triangle completion as another (immediate bearish) scenario.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.