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

Key Points

  • Bitcoin cost declined neatly this past week, as it traded reduce not usually opposite a USD though also vs a ETH.
  • There was a downside pierce towards a $435 support level, that prevented serve losses.
  • There is expected a double bottom settlement shaped on a hourly draft (data feed from Bitstamp) of BTC/USD, that might pull a cost higher.

Bitcoin cost traded down this past week vs a US dollar, though is looks like BTC/USD is now combining a bullish pattern, that might pull it higher.

Bitcoin Price – Recovery Likely?

Bitcoin cost managed to recover after trade as low as $435 vs a US dollar. The cost is now trade nearby a bearish trend line shaped on a hourly draft (data feed from Bitstamp) of BTC/USD, that is behaving as a insurgency area. However, a many critical indicate for a BTC/USD buyers is a fact that there is a bullish settlement formulating in a form of a double bottom settlement on a hourly chart.

If a highlighted double bottom pattern on a hourly draft is true, afterwards there is a possibility of BTC relocating aloft in a nearby term. The cost is now trade nearby a 38.2% Fib retracement level



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