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October 5, 2022
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Guide & Analysis

Do we have a Double Fund in Bitcoin?

Double fund in Bitcoin could throw the price back to $ 58k

A common pattern in Graphical Analysis, a double bottom is when the price of an asset touches the same support again, without breaking down, and returns to the previous price levels.

Graph by TradingView

Analysis of CointradeCx
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THE Support mentioned chart is around $ 45300. Note that, the price rejects at this level previously making rejection and returning the movement.

Another point of attention is the correction made throughout this increase. Note that the price remains above the EMA200 (red) maintaining the upward trend in H4. As we mentioned in the previous analysis, it is still a healthy Bitcoin correction.

Next BTC targets

Outside the charts, we still see large companies and institutions continue to buy and speak positively about Bitcoin such as MicroStrategy, Tesla, Square and even banks, which still generates a positive feeling about the world currency.

Completing the double bottom even, the target is to return the ATH in the house of $ 58k but first you have to overcome resistance in $ 50300.

If the double bottom punctures and that bottom is broken, the bearish target is around the next supports between $ 41200 and 41700.

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