BTC has dived to the 62k zone a while ago, but is right now trading at 63.5k. It seems that the bear team is back and is ready to try and smash the bulls down. The question is, should we moon boys worry?
Well, the bullish double bottom in the 6H chart has pushed through, upside target is 73k. This bullish momentum has long been confirmed by the daily KDJ oscillator which has long been suggesting a bounce back to the 71k zone.
However, since this is a double bottom pattern, price may move sideways along the neckline. It usually creates support at the neckline. Hence the 62k drop a while back is within the anticipated consolidation zone. Candles may first consolidate at 62k-64k before raising another leg up.
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