Is The Bottom Out For Bitcoin or Is It Just The Beginning ?
BTC is still stuck in a trading range (41k-30k) for 40 days and we haven't seen a good volume breakout yet. At the time, it is forming is a lesser known chart pattern Eve and Adam double bottom and if it manages to breakout we may see the lower lvls of 40k according to the pattern. Currently in order to keep the rally going, BTC has to breakout of this zone and hold above 40k-42k area.
However, failure of this pattern may further push the price to the downside or it may simply lead to the continuation of the sideways movement like it has been doing, for the coming weeks.
The fundamentals for Bitcoin are still bullish in the medium to long term, especially since the BTC TAPROOT Upgrade is coming on November. This means greater transaction privacy and efficiency. Also, it unlocks the potential for smart contracts.
What's your take on this, comment down in the comment section.
However, failure of this pattern may further push the price to the downside or it may simply lead to the continuation of the sideways movement like it has been doing, for the coming weeks.
The fundamentals for Bitcoin are still bullish in the medium to long term, especially since the BTC TAPROOT Upgrade is coming on November. This means greater transaction privacy and efficiency. Also, it unlocks the potential for smart contracts.
What's your take on this, comment down in the comment section.
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