Bitcoin price is currently moving back down toward the lower end of the trading range. If price holds above the $9.8k level and moves up from here then a triple bottom chart pattern seems to be playing out. To confirm the triple bottom, price will have to move up and break the top end resistance of the range. In terms of price target after breaking resistance, if we take the measurement of the current trading range (lower red arrow) and add it to extend past the top of the resistance line (upper red arrow), price should be targeting near $18k.
Commentaire:
This most recent drop has also created bullish divergence with RSI printing a higher low and price printing a lower low.
Commentaire:
^ On 2hr chart. The 4hr chart is not printing this divergence.