BTC - H1 - DOUBLE BOTTOM IN PROGRESS - TRIGGER @ 32524 !
Looking at the H1 time frame, a RSI bullish divergence triggered a short term recovery, in building
on its way a potential double bottom, currently in progress. Trigger level @ 32'524 !
A H1 closing level above the trigger level would be the first signal for further upside towards the double
bottom target which is @ 33777 which coincides with the bottom resistance of H1 clouds and slightly higher
there is the 61.8 % Fib ret (33895) also in the clouds area.
So watch carefully price action over the coming period (s) which will validate or invalidate this short term double bottom formation.
Once again, any recovery should still be seen as a tactical corrective move only, providing some very short term buying opportunity which
should be managed with discipline in adopting an appropriate RR approach (trailing stop loss !)
A failure to confirm this very short term reversal pattern and a breakout on the downside of the former low (31'271 would directly put the focus
on the psychological 30'000 support level ahead of former low of 28'600.
My first significant strategic support level remains @ 27'169 (61.8% Fib ret 3850-64895)
Have a great weekend.
All the best
Take care
Ironman8848
on its way a potential double bottom, currently in progress. Trigger level @ 32'524 !
A H1 closing level above the trigger level would be the first signal for further upside towards the double
bottom target which is @ 33777 which coincides with the bottom resistance of H1 clouds and slightly higher
there is the 61.8 % Fib ret (33895) also in the clouds area.
So watch carefully price action over the coming period (s) which will validate or invalidate this short term double bottom formation.
Once again, any recovery should still be seen as a tactical corrective move only, providing some very short term buying opportunity which
should be managed with discipline in adopting an appropriate RR approach (trailing stop loss !)
A failure to confirm this very short term reversal pattern and a breakout on the downside of the former low (31'271 would directly put the focus
on the psychological 30'000 support level ahead of former low of 28'600.
My first significant strategic support level remains @ 27'169 (61.8% Fib ret 3850-64895)
Have a great weekend.
All the best
Take care
Ironman8848
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