Bitcoin Forming a Double Bottom (W Formation) Before New Highs!!

Bitcoin looks to be setting a bigger W formation which is also known as a Double Bottom. We have created a higher low which we will need to stay above the $38,652 price point for this to fully play out. If you were to enter this trade the previous low "$38,652" would usually be the stop loss. If the double bottom plays out, typically it will not break the previous low so catching this would be the perfect price entry. This pattern is very well known with Bitcoin as it has done this many many times before setting newer highs.




As you can see in the photo above, these are more examples of a double bottom (W formation) which we see numerous amount of times with Bitcoin. This is a great way to catch bottoms by either catching a long or even just buying the dips. Great pattern to always keep an eye out for as it plays out perfectly most of the time especially in consolidation phases or after correction!