BTC has been losing its upward steam and now is testing the daily 30 MA back again. Now, looking at the charts with long-term trendlines and parabolic trends, BTC could test the 0.618 fib level, forming a double bottom and bounce off the fib, long-term support and the support of the parabolic channel.
The formation of the double bottom could probably take another couple of weeks keeping the entire crypto market in bear phase for another month or so.
On the other hand,BTC could also form an inverse H&S on a larger time frame but that needs more confirmation as well.
The formation of the double bottom could probably take another couple of weeks keeping the entire crypto market in bear phase for another month or so.
On the other hand,BTC could also form an inverse H&S on a larger time frame but that needs more confirmation as well.
Kommentera:
Double Bottom on larger time frame can be seen forming here. A price-action back to 11k would complete the double bottom.