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The formation of a double bottom pattern may intensify the buying momentum in BTC price; Enter today?
Published 5 hours ago
At the August end, the Bitcoin price witnessed a momentary surge of 10%, trying to restore recovery sentiment in the market. However, the momentum was short-lived as the price quickly retreated to the local support at $25500, extending its consolidation phase. Is this support enough to trigger a fresh recovery rally?
Also Read: BTC Price Short-Term Holders Capitulation Persists, 26% Drop On The Cards?
Bullish Chart Pattern Foretells Potential Upswing
The technical chart projects the demand pressure at $25000 is active.
A bullish breakout from the $28168 barrier will surge the coin price by 8.5%
The intraday trading volume in Bitcoin is $5.9 Billion, indicating a 56.5% loss.
Source-Tradingview
The daily time frame chart reflects multiple lower price rejection candles at $25500 support, indicating the buyers continue to defend this level.
Concerning this support, the technical chart suggests the possibility of a double-bottom formation. This chart setup is often spotted at the bottom of a downtrend, projecting an increase in demand pressure for a bullish reversal.
By the press time, the BTC price traded at $259006, with an intraday loss of 0.19%.
If the current pattern follows through, the buyers would likely break past the $28,168 neckline resistance. This breakout would be a better signal of a bullish recovery and may push the prices to $31,548.
Will BTC Price Lose $25500 support?
It’s also worth noting that despite experiencing multiple rejections at the $25,489 support, the buyers failed to establish a significant rebound. This reflects weakness in bullish momentum and the possibility of $25000. This breakdown will invalidate the aforementioned pattern and push the prices to the $24000 mark
Exponential Moving Average: A possible death crossover between 50-and-200 EMA would encourage sellers for prolonged consolidation.
Relative Strength Index: Considering the same price bottom at $25500, the daily RSI slope a significant rally indicating the rising accumulation from traders.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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