DrDovetail

A Double Bottom Pattern Has Formed On the 30min BTC Chart?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
What do you guys think? Could finally mean a trend reversal after yesterday's vicious mauling by the bears.
Comment: Hardly any volume swells to go with it once it broke the neck line but it's currently moving upward the way you'd anticipate the candles to ead on a double bottom. I'm remaining cautiously optimistic. binance, bittrex and other major exchanges aren't doing the markets any favors by closing their doors to new registrants. I think once they do massive volume spikes will come pouring into the industry.
Comment: if the trend is valid even without the volume spike, then we could see the upward momentum carry us as high as 10600 maybe further.
30 min chart mean nothing at all..
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DrDovetail pawelchasikowski
@pawelchasikowski, in the grand chee of things especially in terms of bitcoin no it really doesn't....but after that massive plunge I think any news is good news.
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DrDovetail pawelchasikowski
@pawelchasikowski, in the grand scheme of things, especially in terms of bitcoin true it really doesn't....but after that massive plunge I think any news is good news.
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@DrDovetail, look at it now
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DrDovetail pawelchasikowski
@pawelchasikowski, true, it almost went to 10,600 like I said ...it went to 10400 then gave a doji reversal signal...however any momentum away from the plummet was welcome. I knew it wouldn't change the overall downward bear trend but that it would at least provide a breif opportunity for day traders to accumulate a tiny amount of profit. I think what kept it from getting to 10600 was the lack of volume as it broke above the neckline. I realize in normal stock trading you want a double bottom to be over a period of months not minutes...but everything is also fractal and nature and with the exponential volatility in the crypto market compared to the stock market I feel certain chart patterns can have validity at smaller time frames since everything moves at an acelerated rate.
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@DrDovetail, i dont think its about TA now, people was reading so many charts all this correction time, that it will finish at 8k, and thet are waiting for it, mayne its not gonna happen but in my opinion its the reason of that low volume is, if all crypto gods would tell bottom on 10k, all buy order placed on it, now many orders beetween 8-9k, but I hope btc will give them a lesson :) I hold it for some reason and until it not gonna happen im not selling, the main longtrend is still bulish anyway
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pawelchasikowski pawelchasikowski
@pawelchasikowski, look back all this chart in 30min/1hour amd you will see there was many double bottoms like that in your chart
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