"Jack's Trading Classroom: BTCUSD Potential Bottom Formation - Double Bottom Pattern"

Original trading classroom by Jack, "BTCUSD Potential Bottom Pattern - Double Bottom Pattern"

In yesterday's analysis, it was mentioned that a downtrend was forming on the four-hour chart. Today, we will switch to the one-hour candlestick chart of BTCUSD. In the chart, we can see that Bitcoin has formed a double bottom pattern twice in the one-hour cycle chart, which may indicate a typical double bottom formation.

The current price is still within the downtrend on the four-hour chart. Waiting for a breakthrough above the resistance at 11579.5 and a trendline breakout, one can consider entering a long position strategy after the breakout of the downtrend mentioned yesterday.

The first target range can be set at Fibonacci levels 127.2-138.2 between 11661.0-11707.0.
The second target range can be set at Fibonacci level 200 based on the double bottom pattern target at 11964.0.

Remember that this bottom pattern is a right-side trading pattern, so it is advisable to avoid entering the market prematurely before the confirmation point is established to avoid additional losses.

Upper resistance levels:
R1 11579.5
R2 11748.5

Lower support levels:
S1 11362.0
S2 10990.0
S3 10315.0

In recent days, the digital currency market has experienced large fluctuations. It is recommended for operators to strictly implement risk control measures and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. This article reflects personal opinions, please read with caution, as cryptocurrency trading may pose risks to your capital.

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