IMO BTC looks like it possibly has formed a double bottom or "W" shaped bottom, at least in the short term. BTC still has a lot of work to do if it is going to reverse the slide it has been in for over a month. To be honest, I can't say for sure that this is the bottom and from here BTC will only go higher. As I said, it may only be a short-term bottom just like the multiple bottoms BTC started forming just before Christmas through the end of the year. After those bottoms, BTC did move higher but failed to clear my resistance zone and reversed heading lower again to where we are now. This could well be a repeat where BTC recovers from these lows but at some point fades and continues the downtrend to even lower lows. Long-term I remain bullish on BTC but short-term I am sort of neutral until I see BTC start building some real momentum.
I am looking to add more BTC to my position and would like to (obviously) get it as "cheap" as I can so I will be watching this play out very carefully. Depending on how the price action looks I may start making small purchases later today and if BTC can push through and stay above my resistance zone I will continue to add even more.
I am looking to add more BTC to my position and would like to (obviously) get it as "cheap" as I can so I will be watching this play out very carefully. Depending on how the price action looks I may start making small purchases later today and if BTC can push through and stay above my resistance zone I will continue to add even more.
Comment:
In the last 24 hrs. BTC was moving sideways but has now started to head lower again so it is looking a bit weaker. I still have not added to my position, I am going to be patient as it is very possible BTC could head even lower. As I have stated in several of my other charts it would not surprise me if BTC ended up near $8000 or even lower.
Comment:
BTC did not double bottom and move higher, it is now forming a pennant pattern.