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After the formation of a four hour double bottom for Bitcoin (BTC), there are usually several possible scenarios:
Price increase: Double bottom pattern is a common bottom reversal pattern, indicating that prices may experience a reversal. After BTC reaches a four hour double bottom, if it can effectively break through the neck line, it often leads to an upward trend. After successfully bottoming out at the daily level, BTC's price smoothly stood above the resistance level of the daily mid track, and subsequently began an upward trend.
• Withdrawal confirmation: After the price breaks through the neck line level, there may sometimes be a withdrawal action to confirm whether the support at the neck line level is effective. If the neckline can successfully support the price during the pullback, then the upward trend is more likely to continue; If the neckline is breached, it may indicate the failure of the double bottom pattern and the price will continue to decline.
• Measuring price increase: By measuring the widest (vertical) distance between the double bottom low point and the high point, starting from the breakthrough of the neck line, the minimum movement amplitude of price increase can be roughly calculated, providing investors with a reference target level.
However, technical analysis has certain limitations, and the market may also be influenced by various factors such as macroeconomics, policies and regulations, and unexpected news, resulting in actual trends that do not match theoretical analysis.
Accurate analysis of Bitcoin trends requires the combination of Bollinger Bands (BOLL), MACD, and naked candlesticks. Currently, Bitcoin is within the Bollinger Bands channel, with a daily mid track of $84000, firmly holding onto the bullish position above it. Conversely, the bearish position dominates, with the upper track of $88000 blocked and the lower track of $78000 supported. The channel may narrow or face a change in direction. In the MACD indicator, the DIF line and DEA line form a golden cross, and the bar line becomes longer on the zero axis, indicating a short-term upward trend. Looking at the naked K-day chart, there is often a long bearish candlestick with consecutive small bullish candlesticks, indicating a strong bullish trend. However, if there are large solid bearish candlesticks or multiple bearish candlesticks in the future, the trend may reverse, and investors still need to be cautious. How can I get there specifically?
Teacher Zhao Yun, who has 9 years of practical trading experience in the cryptocurrency industry, will provide a detailed breakdown for everyone. Welcome to the live broadcast room to check in!
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Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent the position or viewpoint of AiCoin and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AiCoin, and the consequences shall be borne by oneself.
