BTC has recently touched the 9100 Support on the 1D level, issuing a rebound that kept the short term trend on a Descending Triangle. This support action has the potential to turn into a Double Bottom.
Since the Bear Cycle bottom at 3200, Bitcoin has respected the Double/ Triple Bottom formation on all instances. As you see on the chart when the Double Bottom was followed by a Golden Cross formation on 1H, the price started an aggressive rise.
It is then natural to assume that if we now see a Golden Cross we can expect an aggressive rise on the short term.
Be alert!
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The "Lower High Rejection on the 0.618 Fibonacci" call out shouldn't be there. It is a system error from a previous idea. Please ignore it.
Exactly what I expected. No correction any lower. Let's see if it plays out.
TradingShot
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@greenmask9, Let's see how it plays out. There is some volume right now that can back this up.
Uncharted-FX
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I love double bottoms and head and shoulders! I am looking at a head and shoulders on the 4 hour chart here! Good macro environment too! Central Banks are running out of tools and I think a confidence crisis is looming!
UnknownUnicorn3511625
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cryptohopper
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Good analysis!
Volatility still remains low for Bitcoin. According to the CH ATR itis around 0.6%. However, BTC is gaining momentum and approaching R1, a key resistance for further increases.
Chrismikky
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always highlight your bull target or bear target. okay
Husain_Arkghazi
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nice man u get some really good points for short term, have a look at my short term update over bitcoin, maybe we could get a good opportunity to short