Bitcoin (BTC): Forming Bottom

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In the previous idea we anticipated price drop to 5876 as the downtrend developed:

Currently, there are a couple of technical factors that suggest the bottom has either already formed or is very close to it:

There are complete 5--wave impulses of minute and minuette degrees on the chart;
A nice long-legged Doji supported by a spike in volume;
Clear bullish divergence patterns.

Besides, people are quite pessimistic now, which is great for buying. All key levels are drawn on the chart.

Nota

Test of resistance zone. Double top is possible.

Nota

Not the cleanest of Inv H&S', but still:

Nota

Considering the formation of Triangles in many altcoins, downside price action in BTC is more probable now. A Double bottom is a preferred scenario. Waiting for confirmation, out of market for the time being.

Nickonomics

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