BTCUSD is forming a double-bottom pattern in the daily

This is a continuation from the BTCUSD pattern discussed on January 26th, and February 21st, 2022.

Recently, the price of bitcoin tested the bottom support levels provided by the intersection (yellow circle at ~34.4k) of:

- the upper bound of a previously-formed descending broadening wedge (descending green lines)

- the support of higher lows (ascending green lines).

The bounce from these supports has resulted in a double-bottom formation (neckline depicted by orange lines).

This double-bottom becomes activated if a breakout candle closes above the neckline followed by confirmation of the neckline as support.

If the double-bottom neckline gets activated, the target price is ~59K (red circle).

This projected targeted price coincides with a 0.786 Fibonacci level.

Trend Analysis

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