EconOptic|New BULLISH move or REJECTION?
4-Hour Bitcoin Analysis
The price has formed a new structure, presenting us with a double bottom pattern. The neckline of this pattern could provide an opportunity for a long position in line with the larger trend. This movement is sharper than the previous decline, and each time we initiate a new upward wave, the volume increases. This suggests strength in the new bullish trend, offering further confirmation for a long position.
However, if this area turns out to be a fake breakout or the price gets rejected at the neckline with an increase in bearish candle volume, we may consider a short position at this point.
Everything depends on the reaction to this key area.
The price has formed a new structure, presenting us with a double bottom pattern. The neckline of this pattern could provide an opportunity for a long position in line with the larger trend. This movement is sharper than the previous decline, and each time we initiate a new upward wave, the volume increases. This suggests strength in the new bullish trend, offering further confirmation for a long position.
However, if this area turns out to be a fake breakout or the price gets rejected at the neckline with an increase in bearish candle volume, we may consider a short position at this point.
Everything depends on the reaction to this key area.
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