Digital Currency Past Present Future - Bitcoin's Tripple Bottom Formation

Bitcoin just completed a Triple Bottom Formation. A third attempt to drop below its previous low and an equal number of attempts to break through its ATH.

Now, we are left with two possible scenarios (see previous post Four Scenarios for Bitcoin):

1.) BULLISH TRIPLE BOTTOM

Under this formation, for the bull to continue its charge, the next upward move should break through the 1st resistance level of $16,000. If it further breaks through the next resistance at $19,600, the next destination is to the uncharted territory.

2.) BEARISH TRIPLE BOTTOM

Under this formation, the bear will take over the bull if the 1st support line at $13,000 is breached. If the 2nd support line is further breached, many will question if bitcoin's era is over and a new king needs to be proclaimed.

Disclosure: This post does not intend to provide investment nor does it represents that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the article in the process of making a fully informed investment decision.

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