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Will This Double Bottom Help Bitcoin (BTC) To Break 200 Weekly SMA ???

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Published: 21 Aug 2022 › Updated: 21 Aug 2022Will This Double Bottom Help Bitcoin (BTC) To Break 200 Weekly SMA ???

Will This Double Bottom Help Bitcoin (BTC) To Break 200 Weekly SMA ???

Hi friends hope you are well, and welcome to the new update on Bitcoin.

On a daily time frame Bitcoin has broken down a rising wedge pattern and now likely to have a bounce from the $20700 support.

On the weekly time frame, price line has moved below the support of 200 weekly simple moving average.

On an hourly tome frame, Bitcoin has formed formed double bottom and there is also a bullish divergence flashed as the priceline is setting lower low (first low is $20785 and second low is $20769) but the RSI is forming higher low. Therefore, price can move up from here, and if Bitcoin moves back above the 200 weekly SMA then there will be more price stability.

For a detailed analysis, you can also watch the video.

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