MasterMike

Bitcoin (BTC) - Double Bottom Formation

BITFINEX:BTCUSD   比特币/美元
Hey Folks! Here's my latest technical analysis on BTC             . Lets jump right into it. Looking at the 2 hour chart in Bitfinex. We can see that there's a Double Bottom formation. Moving Average Convergence and Divergence ( MACD ) is moving upwards and the Stochastic RSI indicator ( Stoch Relative Strength Indicator) is showing that the blue line went under the orange line which means that the market has been overbought.

For some daytime traders, this is a good time to take their (long and short) positions as the market is somehow preparing to go up or down.

Disclaimer: This analysis is for informational purposes only and is not a recommendation to buy or sell anything.
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