This double bottom signals the end of correction. As BTC's long term uptrend continues to evolve this end of correction is going to be supercharge... So, "buckle your seatbelt Dorothy, 'cause Kansas is going bye-bye!"... see you at 1600
While BTC long term trend is bullish, I think today is opportunity for some small bonus correction trade.
Perfectly formed Head and Shoulders pattern is almost completed and supported by MACD and Stochastic. Price should break below 900. 880 is safe profit target, ~850 might be for brave cowboys. Stops shall be ...
Recent triangle was confirmed, as the resistance at 750 level was broken with relatively high volume . Price was pulled back, but never felt below 700 level - previous resistance became the support. This also is confirmed with broken downtrend and increasing MACD (not shown, but checked at other charting site).
I was wrong about bearish divergence :)
Seems like resistance at ~850 was broken and confirmed by volume spike.
Now, let's wait for confirmation of uptrend. If new support at 850 will be confirmed, we are looking at next target - 1000, which is more mental resistance. Then.. we'll see
It looks like BTC ran out of gasoline for a while. I see bearish divergence: price is fluctuating and forming triangle, volume is declining MACD is also bearish. The main reason why - it's time to cash out insane profits.
I draw some resistance levels, to get back to long position which in the long term is bullish ...