{future}(BTCUSDT)
$BTC on 4h Time frame you can see the double bottom pattern price directions 69500$ that’s were I’m waiting for the price after that maybe 70726$
$BTC on the 4h timeframe you can see the double bottom pattern. The price is currently targeting $69,500. This level is significant as it marks the neckline of the double bottom pattern, and breaking above it could confirm a bullish reversal. I'm waiting for the price to reach this level to make my next move. If the price successfully breaks and closes above $69,500, we might see further upward momentum toward the next resistance level at $70,726.]
The double bottom pattern is a classic reversal pattern indicating a potential change in trend direction from bearish to bullish. It is formed after a downtrend and consists of two distinct lows at roughly the same price level, with a moderate peak in between. This pattern suggests that selling pressure is waning and buying interest is increasing.
On the 4-hour chart, $BTC has formed this pattern, and a breakout above the $69,500 level would be a bullish signal. Traders often look for a confirmation of this breakout with a strong volume increase, which could validate the move towards the next target of $70,726
However, it's crucial to monitor the price action closely. If the price fails to break above $69,500, it could indicate a potential continuation of the bearish trend or a consolidation phase. As always, using stop-loss orders and managing risk appropriately is essential in trading.
Keep an eye on the overall market sentiment and any significant news that might impact Bitcoin's price. Happy trading!
What are your thoughts in comment? 🤔
