By the look of the chart you can see that Bitcoin has formed second breakout pattern.
Bassicaly this pattern just entered and found some support, now it should retest the upper line, the downtrend line, and then breakout which would be the green way.
Another possibility, red way, is Bitcoin will fail to break this downtrend line for third time and retrace to , where it will look for support (6000-5400), continue in this pattern and breakout from this pattern.
Bitcoin has been oversold for 34 days so far, thats a really long time, I expect Bitcoin heading back to neutral zone, it would be interessting looking what 40 will do, lets hope it wont get denied as it got before.
On the you can see Bitcoin saw some strong 2 selling waves follown by little bit of buyers and another sell wave, currently we are pretty undecisive but sellers should be exhausted and satisfied enough so another wave of buyers can come, as Bitcoin is pretty oversold, there is not much room for sellers.
Also looks pretty similiar to the last one breakout.
There is also a candle which gives a sign of trend reversal looking at Dojo candle, which shown us yesterday great demand and strong bounce.
I would almost forget, that this Chart is named where is Bitcoin's true bottom, so where it is?
The absolute bottom in my opinion when considering all the facts and demand strenght at all areas is 5400.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!
Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this let me know in the comments, Likes are aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.