Hello traders and HODLERs and welcome to my Analysis.
I noticed something really interesting developing in BTC's descending channel.
a series of lower lows are intercepted and a higher low has appeared on this 4H time frame.
BTC has created a beautiful W (double bottom) pattern and has already closed a 4H candle above the neckline.
The price target of this W pattern is almost 50 k. Right now BTC is being traded above the dynamic resistance of the descending channel.
closing a 4H candle above this resistance line would definitely improve market sentiment and pump more bullish momentum.
let's see how will this play out.
Disclaimer: The above passage is not a financial or investment suggestion, it is merely my opinion.
Trading cryptocurrency is very risky and you should always DYOR before opening any trade.
Thanks for reading, I appreciate your comments on this one.
I noticed something really interesting developing in BTC's descending channel.
a series of lower lows are intercepted and a higher low has appeared on this 4H time frame.
BTC has created a beautiful W (double bottom) pattern and has already closed a 4H candle above the neckline.
The price target of this W pattern is almost 50 k. Right now BTC is being traded above the dynamic resistance of the descending channel.
closing a 4H candle above this resistance line would definitely improve market sentiment and pump more bullish momentum.
let's see how will this play out.
Disclaimer: The above passage is not a financial or investment suggestion, it is merely my opinion.
Trading cryptocurrency is very risky and you should always DYOR before opening any trade.
Thanks for reading, I appreciate your comments on this one.