Hey guys, just an update it appears we hit a double bottom at the trend line between $5800-$6100. Double bottom generally indicates a reversal and it appears volume has picked up and an uptrend has begun. Be aware that the previous high was $9400 and a break above that would indicate we are out of the downtrend channel in the short term. If we break look for BTC to go anywhere from $10-$18K. My target will be $11K.
Be mindful that the weekly and monthly charts show we still have a long ways to go and that after this rise another potential fall awaits us. It shows that overall the market has a ways to go before we see anywhere close to $20K again. However, we should not see BTC fall below $6K again if an uptrend is confirmed here, although anything is possible in cryptoland lol.
Thanks!
As always I am not a financial adviser and this is not financial advice but educational in nature.
Be mindful that the weekly and monthly charts show we still have a long ways to go and that after this rise another potential fall awaits us. It shows that overall the market has a ways to go before we see anywhere close to $20K again. However, we should not see BTC fall below $6K again if an uptrend is confirmed here, although anything is possible in cryptoland lol.
Thanks!
As always I am not a financial adviser and this is not financial advice but educational in nature.