As we see now double bottom was performed and BTC is rising, last 3 days. Anyone could think that bulls have taken control of the market, but there is currently no reason to believe that more downside will not coming. The selling probably is not over. We are still in downtrend.
Let’s look at it: 1) Now, BTC is heading EMA200 and EMA21 trend lines. So EMA200 is stronger than EMA21 and i suppose to EMA200 will win and reflect BTC below $7200. In 3 attempts of 4 BTC faild and BTC was reflected down.
2) In my opinion - BTC have allready finished Elliott Correction Wave (ABC) and now continues forming Elliott Impulse Wave (12345) which will dropdown the BTC’s price again below $7000 or deeper. If I am right We will se price $6000 soon.
3) To make my TA clearer, so I have not drawn there two important formations “long trend descending triangle” and “local trend Ascending Triangle. I'm curious about which pattern win and i bet “Descending Triangle”, bearish, pattern will win and reflect BTC near price $6000.
Last point … We still in a downtrend until higher high is created = price above 11000.But that does not mean that BTC will not grow.