Bitcoin: falling wedge and potential double bottom
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Last drop below 9600 has turned into yet another bear trap. Price has now broke the falling wedge and aiming to go higher. Target of the wedge is POC level of yesterdays accumulation - 9760, this level is also +50 margin zone (zone doesnt show on chart). So we can set it as the maximum target for our trade (long).
9760 is also a decision level between bearish and bullish market sentiment, if price breaks it there will be an open road to +100 margin zone and POC of sunday - 9903 level. Also this break should confirm double bottom pattern on 9300-9400 zone.
Also notice POC level of the big consolidation of last 5 days - 9613, all drops below this level during this month were either bought back immediately or turned into bear traps like it was on Friday. Big buyers are very active here, so double bottom has chances to be real.
We are holding long to 9700 zone, if price breaks 9800 and confirms double bottom we will open long again, thats our plan.
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
Last drop below 9600 has turned into yet another bear trap. Price has now broke the falling wedge and aiming to go higher. Target of the wedge is POC level of yesterdays accumulation - 9760, this level is also +50 margin zone (zone doesnt show on chart). So we can set it as the maximum target for our trade (long).
9760 is also a decision level between bearish and bullish market sentiment, if price breaks it there will be an open road to +100 margin zone and POC of sunday - 9903 level. Also this break should confirm double bottom pattern on 9300-9400 zone.
Also notice POC level of the big consolidation of last 5 days - 9613, all drops below this level during this month were either bought back immediately or turned into bear traps like it was on Friday. Big buyers are very active here, so double bottom has chances to be real.
We are holding long to 9700 zone, if price breaks 9800 and confirms double bottom we will open long again, thats our plan.
I will post new updates of this idea if anything important happens.
What are your thoughts on it? Lets discuss in comments!
Going to post new analysis soon