Bitcoin bounced right back above the long term resistance on the logarithmic scale. Peter Brandt and Tuur Demesteer highlighted the same yesterday.
Moving on, we're kind of seeing a double bottom inside a double top. So the double top is the one that is consecutive. Today's correction does bring relief for the bulls. However, the stop loss for the pattern was not triggered. Hence, still bearish.
Now there are two possibilities here that I have shown in blue and red. I am more inclined towards the red line.
Also why 6,900 around Christmas again? I like the intersection point between these two trend lines.
Resistance: $7402 Above that I'll be a short term bull.
Support: $6903
Moving on, we're kind of seeing a double bottom inside a double top. So the double top is the one that is consecutive. Today's correction does bring relief for the bulls. However, the stop loss for the pattern was not triggered. Hence, still bearish.
Now there are two possibilities here that I have shown in blue and red. I am more inclined towards the red line.
Also why 6,900 around Christmas again? I like the intersection point between these two trend lines.
Resistance: $7402 Above that I'll be a short term bull.
Support: $6903