Textbook Double Bottom
If we're going to reverse this trend in the short term, I'd wager that this double bottom is a good potential spot for it to happen, and it might take us to the heavy resistance zone in the low 23k range. This is just a short term idea for the next 12-24 hours or so, not a prediction of an overall trend reversal to the upside, I think a revisit ~18k is easily possible... But it's a tricky market to read right now, it's very split. I like simple ideas in times like these.
Note
The double bottom lost steam fairly early and we continued to range. But now BTC has bounced off the support 3 times, and formed a new triple bottom, which is sometimes seen during trend reversals. Volume flow looks nice, RSI support, perhaps we go from here. BTC showing a bit of life in North America's early hours.
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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.