In the previous idea we anticipated price drop to 5876 as the downtrend developed:
Currently, there are a couple of technical factors that suggest the bottom has either already formed or is very close to it:
- There are complete 5--wave impulses of minute and minuette degrees on the chart;
- A nice long-legged Doji supported by a spike in volume;
- Clear bullish divergence patterns.
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Test of resistance zone. Double top is possible.
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Not the cleanest of Inv H&S', but still:
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Considering the formation of Triangles in many altcoins, downside price action in BTC is more probable now. A Double bottom is a preferred scenario. Waiting for confirmation, out of market for the time being.
