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Bitcoin Price Analysis: BTC/USD if the double bottom neckline is broken $10,000 can be seen again

  • Bitcoin is trading up some 0.70% at the time of writing, as the price stabilizes following a slip south in the prior session. 
  • BTC/USD price action via the daily is playing out to a double bottom formation. 
Bitcoin Price Analysis: BTC/USD if the double bottom neckline is broken $10,000 can be seen again
Ken ChigboKen ChigboIndependent Analyst


The Bitcoin price on Tuesday is trading in the green by some 0.70%, as the bulls look to regather upside momentum.

Price action via the daily chart view has formed a double bottom, with the support down at $6500. The neckline of the pattern is eyed at $7750, of which the price has not traded above since 21 November.  

Should the bulls force a neckline breach, the move could very well be explosive. A fast return back into $10,000 may be seen, given the little in the way of further barriers until this psychological price mark.

BTC/USD daily chart

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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