Looking for a double bottom reversal on the weekly chart.
I've been watching bitcoin for a some time and have been patiently waiting to start building a position. My reasons for starting to acquire have nothing to do with trading this but for a long term play 10-20 years
However i want a clear reversal on the higher time frames before investing any money.
$3000 support zone has been an area i have been waiting to see if price tests, we have virtually touched this area and bounced. I would be looking for a further test of the lows with price closing at or above the lowest low of the first test.
I will purchase there and then look for added confirmation once the high of the DB is violated, price pulls back and the forms a new high. If we reach that point i will most likely purchase on the retracement and as we form new highs
However i want a clear reversal on the higher time frames before investing any money.
$3000 support zone has been an area i have been waiting to see if price tests, we have virtually touched this area and bounced. I would be looking for a further test of the lows with price closing at or above the lowest low of the first test.
I will purchase there and then look for added confirmation once the high of the DB is violated, price pulls back and the forms a new high. If we reach that point i will most likely purchase on the retracement and as we form new highs