POTENTIAL BULLISH DRAGON TO BEARISH BAT
A double bottom has been presented to us which appears to be a bullish dragon if it breaks above the downward sloping resistance line.
To strengthen our argument, the double bottom also shows us classic bullish divergence on the MACD and the RSI oscillators which implies higher price action.
This all makes sense if we forecast a bearish bat as it has already made the 50% retrace on the last swing and it perfectly aligns with our tail for the 88.6% retrace.
This means our ideal first target would be where the neck pivoted at around $168 and our second target is the 88.6% retrace at around $195
If Bitcoin decides to continue lower, the set up will most likely fail since the price correlation is stronger
To strengthen our argument, the double bottom also shows us classic bullish divergence on the MACD and the RSI oscillators which implies higher price action.
This all makes sense if we forecast a bearish bat as it has already made the 50% retrace on the last swing and it perfectly aligns with our tail for the 88.6% retrace.
This means our ideal first target would be where the neck pivoted at around $168 and our second target is the 88.6% retrace at around $195
If Bitcoin decides to continue lower, the set up will most likely fail since the price correlation is stronger
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