7.8 Have Bitcoin and Ethereum fallen to the point? Now we need to form a double bottom pattern and prepare for an increase?
Bitcoin fell to a low of around 53,000 in this wave of decline, and then the price rebounded strongly, reaching a high of around 58,000 relatively quickly, but the rise was not able to continue. It encountered resistance around 58,000 and quickly started to fall again. So far, it has fallen to a low of around 55,000.
In my opinion, Bitcoin may form a double bottom pattern at present, because this area is a very important position. We can observe this at the daily level.
As shown in the figure, connecting the two previous low points at the daily level, it can be found that the current low point is just on the same trend line, so this position is likely to become an effective bottom. If the price cannot fall at this position and fluctuates sideways, there is a chance for a rebound.
Of course, at present, we can only look at a short-term double bottom rebound first, because this is a good position, not directly bullish, but if this wave of rebound is very good and very strong, then we can continue to be bullish in the future.
Let's look at Ethereum again. From the daily level, we can clearly see that the lowest price of Ethereum in this wave has fallen to around 2,800, which is also a very obvious support position. The last time the price came here, it supported a very strong rebound.
Now the price continues to come to this position, and it is certain that this position is still supported.
Then look at Ethereum from a short-term perspective, it can be found that the recent decline and the previous decline just fell to the same position, and there is a great chance of forming a double bottom pattern. The current price just goes back to test the previous low point, and now there is a small rebound trend.
The neckline of the double bottom is also marked in the figure. It stands to reason that the double bottom pattern must break through the neckline to be a successful double bottom pattern, so more stable friends can continue to wait for this double bottom to break through the neckline.
#BTC走势分析
