Bitcoin Makes a Double Bottom

We went down again yesterday to $40K and briefly passed through it before being bought in a dramatic reversal. Good news is that $40K held incredibly strong… Bad news, it is unlikely to hold again for a third bounce. Have you ever heard of a triple bottom? It is more common in the crypto market and can be a strong indicator of a bullish reversal, but even in the crypto space it is rare. What makes it rare? Usually on the third move downward it cracks through to new lows. A lot of stop losses were triggered and a lot of limit orders were filled. Where we stand now this week is a do or die moment for BTC we have to close the week above $43K for the bulls to stay alive.

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