With what may be a double bottom
completed today, bitcoin
could be ready to retest (and possibly break through) the descending trendline
. This would end the triangular correction letting bitcoin
enter a new bullish trend
phase. That hasn't happened yet. There's still work to do. First, the market has to reach and break through short term resistance shown in the black/yellow striped box. Following that it has to reach the upper trendline
(red line) and then break through it. The market has potential to do this, but if price falls below prior support of the double bottom
, it's time to reevaulate; even if that means only readjusting the time scale.