Double Bottom OR Create New Lows?????

12 de jan. de 2021

After Bitcoins 27% dump we are now getting a retracement to the upside and consolidating around these levels. Was looking to see if bitcoin could break its previous local top at $36,374 (Green Box Area) but seems like we have got rejected. Now it seems like Bitcoin can be setting up a double bottom (W formation) and consolidate around these levels a little bit longer before making another big move. For this to play out we would need to make a higher low and cannot break the $30,336 price point or this will be bearish. If we break this level we can see some lower levels and wont be expecting a bounce to the upside... If we make the higher low and start heading up that could be a nice long entry as we can start seeing some higher levels!!