As per the technical analysis , we have witnessed a "Double Bottom" pattern formation . on a daily time frame with the neckline just breached on . it is expected to face a rejection in coming week as it is approaching it's 200 day and 50 day moving average. Also the volume leves were decent enough on Friday's session. There could be 2 trading opportunities in this...
Bitcoin took support from its bottom level I market the price if price sustain below a short term fall can occur.
Otherwise Bitcoin will rise to the mid point of rectangular channel and then upper point to rectangular channel Or can reverse from mid which decide by price action pattern on low time frame.
last week, bitcoin is in range in daily TF.
But i am expecting a Long next week because of the conditions of chart pattern.
waiting to break the 4H downtrend.
Quick update on Bitcoin.
investors on bitcoin please wait to update your bitcoin wallet.
traders also wait for the next move.
looking for a long position from my side.
Mostly there is a chance for Long position than short.
it will touch the first resistance level, but will not break it.
Most possibly it will make a head and shoulder pattern
btc usd traveling in the channel and its hit the bottom support trend line and i now found the trend reversal in the channel bottom so i expect it will go the top trend line
Bitcoin prediction as per chart pattern
their should be shakeout before breakout/breakdown
shakeout happened now it's time for breakdown
Take trade accordingly with proper risk management
