Bitcoin is trading with a slight uptrend as it broke above the $4100 mark. The price of Bitcoin (BTC) at 8: 00 hours UTC on April 1, 2019, is trading at $4134. It is trading 0.9% higher on a daily scale.
Double-Bottom Pattern Close to Completion
The above chart resembles the double bottom formation identical to the Adam and eve Bottom pattern. A narrow valley with a pointed trough followed but another valley but on a broader scale. The pattern usually develops over a period of 2 months.
While the two valleys have formed the bottom, the pattern isn’t complete yet at as ‘the confirmation’ for the bottoming is still left.
For the confirmation, the traders must wait until price to closes above the peak between the valleys. Bitcoin, however, seems to be trading near the valley peak and an extended trade along the same range could result is a downside.
— Peter Brandt (@PeterLBrandt) March 30, 2019
Nevertheless, a close above $4331 would complete the bottom pattern. The completion of the pattern above the peak of the valley would confirm the double bottom on Bitcoin paving the way for the bulls to arrive.
The volume is comparable with the rest of the month. Hence, low volume characteristic might also subsidize the reversal action.
The RSI index on the daily scale is 63.5 which is slightly towards the over-bought region. However, the RSI on one week is 43.6, more inclined towards over-sold.
The hourly MACD is, however, showing positive signs of a bullish signal.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com