Bitcoin - Double Bottom with Bear Trap.

Someone I follow on Youtube would call a pattern like this baby blue line a "double bottom with bear trap" Basically it is a W formation or double bottom in the chart price and just about the time everybody thinks we are breaking North the price plummets South thereby confirming the bearish bias. In reality though it is just a "bear trap" catching those that short it off guard and liquidating them when the price reverses again and goes North. Will this pattern happen from here? I don't know, but I sure would be impressed if it did. I'm still long from way back so it doesn't matter to me if we moon right now or have one more spike low. Either I'll ride the ship or buy the dip. Either way I'll be happy :0)

Good luck in however you play the next move.

BBS out.

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Maybe this will turn out to be a better example of what I was talking about. When this happens the flush takes out all the long stops and then price runs away from them making them chase to get back in. We'll see if it pans out this time......

Comment:

A one hour view of this type of pattern.

Trade closed: target reached