Been following this Bitcoin setup for sometime.
We have been in a downtrend with lower highs and lower lows. We then hit a support zone of 7600.
From here we began to see evidence of the trend exhausting. We stopped making new lower lows and lower highs.
From this level we began to range. Some would argue also a double bottom pattern. Remember, the market only moves in 3 different ways. That is is. Our job is to dissect the fundamentals of these movements (uptrend, downtrend and range).
You can also argue that we have made our first higher low (8135) here which has been confirmed with the break and the higher high.
First target zone would be the 9200 zone.
We have been in a downtrend with lower highs and lower lows. We then hit a support zone of 7600.
From here we began to see evidence of the trend exhausting. We stopped making new lower lows and lower highs.
From this level we began to range. Some would argue also a double bottom pattern. Remember, the market only moves in 3 different ways. That is is. Our job is to dissect the fundamentals of these movements (uptrend, downtrend and range).
You can also argue that we have made our first higher low (8135) here which has been confirmed with the break and the higher high.
First target zone would be the 9200 zone.