This is part 1 of my technical analysis, providing a broad overview of bitcoin's overall trend. I'll be posting a more focused chart as to what we can expect in the short term. If any of this information was useful to you in making any profit, please, don't hesitate to send a BTC donation my way :-)
Bull trap! look for the plunge to sub 5750 once 7200-7400 hit. Technically not a double bottom
Trader_Daves
⋅
Actually, the horizontal support is a bit off, but it corresponds to the bottom bitcoin hit before its latest bull run, which sent the price skyrocketing to ~20k. Believe me, I was a bear, shorting the market, until the insane bullish momentum convinced me otherwise. Each movement appeared to be a bear trap. I, too, thought 7400 would be a local limit (before a trend reversal) after trying out a few trendlines, and making them "work", but there was always something a bit off. This piece of evidence (among a few others) have convinced me other. With that said, my stop-loss remains in place. :)