Btc about to hit smaller double bottom breakout target. for BITSTAMP:BTCUSD by DrDovetail

chartpattern trendanalysis doublebottom risingwedge ascendingchannel bullishbreakout bullishconfluence

I’m sure this chart looks like a mess to most of you but every line currently on the chart is part of a pattern that is currently in play. We can see the smaller double bottom pattern we have been above the neckline of for a few days has a breakout target of 47.7k which it appears we are currently heading to now. In doing so, price action has also hoisted itself above the neckline of another larger double bottom (top green horizontal) and if it can hold support on that neckline the breakout target for the larger double bottom is around 54k! 54k also happens to be the same breakout target zone for the falling wedge(not shown here) that we broke up from back in January or February and had been charting since last December…so its nice to see that sort of bullish confluence. We are also finally seeing price action considerably above our tan rising wedge here which is a good sign especially if we can maintain its top trendline as support. The smaller double bottom’s breakout target of 47.7k takes us right up to the top trendline of our rising channel (in purple) so it would not be unexpected if we see that line maintain resistance at first. I imagine we may send a wick above it to test the 200ma and initially see a rejection that sends price action back down to retest the larger double bottoms neckline for support, at which time I’m guessing the bigger dbl bttm’s neckline will hold support and once it confirms its breakout is when we will finally break above the purple rising channel as well as the 200ma (in blue). We shall see though because we always have to anticipate an unexpected black swan event could send us 180 degrees the opposite way as well. For nw though, the charts are lookin super bullish. *not financial advice*

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We are also well on our way to the pink symmetrical triangle’s breakout target at 49.4K as well so we may even see an initial wick above the 200ma too before a retrace.

Comment:

1st double bottom target hit with exact wick precision! Click play! TARGET HIT!

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