TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k

Bitcoin price declined heavily, but it found support near $16,300 against the US Dollar. BTC is likely forming a double bottom pattern and it could rally if it clears $17,500. Bitcoin is holding the $16,300 support zone and trading above $17,000. The price is facing a strong resistance near $17,500 and it is well below […]

TA: How A Double Bottom Could Restart Bitcoin Rally Above 17.5k

Bitcoin price declined heavily, but it found support near $16,300 against the US Dollar. BTC is likely forming a double bottom pattern and it could rally if it clears $17,500. Bitcoin is holding the $16,300 support zone and trading above $17,000. The price is facing a strong resistance near $17,500 and it is well below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $17,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). A possible double bottom pattern is emerging with support near $16,300. Bitcoin Price Likely To Rally Again There was sharp decline in bitcoin price below the $18,000 and $17,200 levels. BTC even spiked below $16,500 before the bulls protected the $16,300 support zone. There were two attempts by the bears to push the price below $16,300 and $16,200, but they failed. A swing low is formed near $16,219 and the price is currently rising. It is trading above the 23.6% Fib retracement level of the recent decline from the $19,500 swing high to $16,219 low. It seems like there is a possible double bottom pattern emerging with support near $16,300. The breakout resistance is forming near the $17,500 level.