BTC Bitcoin: Short Term Double Bottom

Hello friends, today you can review the technical analysis on a 4H linear scale chart for Bitcoin (BTCUSD), a cryptocurrency.

Quick Analysis:

1) This analysis is short-term and shows the Double Bottom Pattern Breakout Potential to around the $56K-$57K.
2) If price moves to that target, be ready for a potential Dead Cat Bounce scenario or Bull Trap scenario to happen. This is using the Fibonacci Extension levels.
3) The RSI (relative strength index) is being supported by a trendline.
4) The chart has many of the notes. Please read thoroughly.
5) Remember this is just a scenario of what could happen. Anything is possible.

What are your opinions on this?

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As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk

تعليق:

Concerning to see the price drop around $50K. Possibly H&S pattern in forming. DYOR.