Bitcoin Price Weekly Analysis – Can Double Bottom Push BTC/USD Higher?

Key Points

  • Bitcoin price declined sharply this past week, as it traded lower not only against the USD but also vs the ETH.
  • There was a downside move towards the $435 support level, which prevented further losses.
  • There is likely a double bottom pattern formed on the hourly chart (data feed from Bitstamp) of BTC/USD, which may push the price higher.

Bitcoin price traded down this past week vs the US dollar, but is looks like BTC/USD is now forming a bullish pattern, which may push it higher.

Bitcoin Price – Recovery Likely?

Bitcoin price managed to recover after trading as low as $435 vs the US dollar. The price is currently trading near a bearish trend line formed on the hourly chart (data feed from Bitstamp) of BTC/USD, which is acting as a resistance area. However, the most important point for the BTC/USD buyers is the fact that there is a bullish pattern creating in the form of a double bottom pattern on the hourly chart.

If the highlighted double bottom pattern on the hourly chart is true, then there is a chance of BTC moving higher in the near term. The price is currently trading near the 38.2% Fib retracement level

Read more ... source: TheBitcoinNews

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