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Double bottom forming on BTC? Moon soon?
I can see a double bottom forming for BTCUSD. BTC dipped under the 150 MA but held at the previous support (roughly 3700 on Bitfinex).
If this level holds on several time frames I can see Bitcoin climbing above the 150 MA, which would "sling shot" the price well over the 200 EMA on 4h. You see this sort of squeeze often, look at historical charts and see how price interacts with moving averages.
If this double bottoms at $3700 I can see this as being the absolute bottom of Elliott Wave 2, going for a third leg up much like we've seen for coins like NEO and Tronix already. It seems Bitcoin is behind in this cycle, understandable with such a giant. This also looks like a bull flag formation.
If all this is true, I can see the third Elliott Wave coming soon, and as we all know the third wave is the longest ;)
****** This isn't trading advice :) ******
If this level holds on several time frames I can see Bitcoin climbing above the 150 MA, which would "sling shot" the price well over the 200 EMA on 4h. You see this sort of squeeze often, look at historical charts and see how price interacts with moving averages.
If this double bottoms at $3700 I can see this as being the absolute bottom of Elliott Wave 2, going for a third leg up much like we've seen for coins like NEO and Tronix already. It seems Bitcoin is behind in this cycle, understandable with such a giant. This also looks like a bull flag formation.
If all this is true, I can see the third Elliott Wave coming soon, and as we all know the third wave is the longest ;)
****** This isn't trading advice :) ******
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