His name is Yang
His name is Yang 2 minutes reading from Bitcoin

Bitcoin: The 'Double Bottom'

Been seeing this multi year double bottom get passed around for BTC

I guess. If you want to look at BTC without log scale, over many years. But look at 2018. Looks similar no?

And what happens when you're not looking at a multi-year time frame? Here's the weekly for 2018

Looks like a double bottom still?

Here's the 3D for 2018

How about now?

Here's the weekly for today's "double bottom"

And now?

Here's the 3D for today

Maybe now?

Lastly, a bounce, or a short rally is not what a double bottom is. A double bottom is a reversal formation. Meaning "it's a bottom"

One way a DB confirms is by taking out recent lower highs. Thats 22.4 and 24.5. So calling this a DB, is also saying those levels will be flipped

This post is based on this twitter thread.


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