prospectANALYTICS

a double bottom to watch out for!

POLONIEX:BTCUSDT   Bitcoin / Tether USD
It seems that nobody thinks we hit our true bottom with BTC. In late July we made a high at 8.7 and fell hard to 5.7 from there. Since that low, we have been slowly chugging along upwards, creating a semi-bullish sentiment. But I’m personally not convinced this is the kind of activity we would see at the true bottom. That 5.7 low appears to be the head of a strange inv. HS. Perhaps and inv. HS is wishful thinking, and something bigger is in play here. Currently we are playing around in a bull flag, that on breakout, could take us to 6650 area. Just a few days ago, the 15th we reached this area and was sent right back down. If this bull flags breaks up, I will watch this closely for a double top. I am interested to see, if this follows through, if this is what delivers us a lower low, a true bottom.

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