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.
I see it going down to 5k before we reverse to 15k
nLucic
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@Kryptokraze, it’s possible. Right now there’s a ton of volume and the price is rising. If we break the $9400 resistance then I’d say 5K is off the table for a long time because we should enter an uptrend channel. If we fail to break it then that confirms further downtrend and we may see it. Only time will tell!