A double bottom is a reversal in trend. Once we find price action come back to that same support level twice it usually lead to reversal in leading price action hence we see a bullish engulfing.
I haven't touched the chart with support and resistance or any other indicators I just wanted to show what I can see and if this will follow previous double bottom. The first double bottom we can see was around November 2017 which led to the parabolic bull run in December. We can see another double on the exact same support level. I wanted to point this out because we may of found our bottom or we may not of but if we can follow previous evidence we will see a reversal in trend and find BTC climbing back over the 10K mark.
To see any signs of a bullish reversal we will need to break key resistance structures. First major structure for me would have to be $6800 as we have tested that many times but couldn't break it leading to a huge rejection to $6000.
I haven't touched the chart with support and resistance or any other indicators I just wanted to show what I can see and if this will follow previous double bottom. The first double bottom we can see was around November 2017 which led to the parabolic bull run in December. We can see another double on the exact same support level. I wanted to point this out because we may of found our bottom or we may not of but if we can follow previous evidence we will see a reversal in trend and find BTC climbing back over the 10K mark.
To see any signs of a bullish reversal we will need to break key resistance structures. First major structure for me would have to be $6800 as we have tested that many times but couldn't break it leading to a huge rejection to $6000.