Hey guys, just an update it appears we hit a double bottom at the trend line between $5800-$6100. Double bottom generally indicates a reversal and it appears volume has picked up and an uptrend has begun. Be aware that the previous high was $9400 and a break above that would indicate we are out of the downtrend channel in the short term. If we break look for BTC to go anywhere from $10-18K. My target will be 11K.
Be mindful that the weekly and monthly charts show we still have a long ways to go and that after this rise another potential fall awaits us. It shows that overall the market has a ways to go before we see anywhere close to 20K again. However, we should not see BTC fall below 6K again if an uptrend is confirmed here, although anything is possible in cryptoland lol.
Thanks!
As always I am not a financial adviser and this is not financial advice but educational in nature.
Be mindful that the weekly and monthly charts show we still have a long ways to go and that after this rise another potential fall awaits us. It shows that overall the market has a ways to go before we see anywhere close to 20K again. However, we should not see BTC fall below 6K again if an uptrend is confirmed here, although anything is possible in cryptoland lol.
Thanks!
As always I am not a financial adviser and this is not financial advice but educational in nature.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.