Bitcoin Spikes Higher, Forming Double Bottom Pattern: A Technical Look At The Apex Crypto
Portfolio Pulse from Melanie Schaffer
Bitcoin (BTC) experienced a 4% increase during Tuesday's 24-hour trading session after bouncing off the $25,400 level, forming a double-bottom pattern. This pattern is a reversal indicator, suggesting a potential uptrend. Bitcoin has resistance at $27,133 and $28,690, and support at $25,772 and $25,288.
June 06, 2023 | 6:26 pm
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Bitcoin formed a double-bottom pattern after bouncing off the $25,400 level, indicating a potential uptrend. Resistance at $27,133 and $28,690, support at $25,772 and $25,288.
The double-bottom pattern is a bullish reversal indicator, suggesting that Bitcoin may reverse into an uptrend. The pattern was formed after Bitcoin bounced off the $25,400 level, which is a solid support zone. The higher-than-average volume during the pattern formation indicates that the double bottom was recognized, and subsequent increasing volume may indicate a reversal into an uptrend. Bitcoin has resistance at $27,133 and $28,690, and support at $25,772 and $25,288.
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