CL0VIS

BTC Potential Double Bottom on Daily

BITSTAMP:BTCUSD   Bitcoin
Price action showing a potential double bottom in a key zone. Daily MACD is improving and 5 SMA is starting to flatten, both improve the double bottom/bull case but there are a few other key tells that have me skeptical, especially on the weekly chart(see the weekly chart that follows for details). We still have Daily mid BB pointing down and we are now below cloud. Until we break the mid BB bullish on volume I’m skeptical of double bottom here but am certainly keeping an open mind to that possibility. Volume will be my main tell if this is bottom or not and will only add long if we get a break of that daily mid BB on vol. Neutral on daily chart until confirmation.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.