BTC hourly: Possible rebound, or decending triangle to finish?
BTC hovering above a key level of 20500-20800.
Still bearish overall, but a short-term rebound from a double bottom isn't unlikely.
Given a diagonal resistance, we could TP of a long at the retracement levels of 0.382-0.618 (or 0.786-0.886 in a more bullish scenario).
This is calculated from recent pivots, as indicated by a gray shaded triangle.
However, remember we've got a very weak weekly close. So going deep is risky, let alone a descending triangle completion as another (immediate bearish) scenario.
Still bearish overall, but a short-term rebound from a double bottom isn't unlikely.
Given a diagonal resistance, we could TP of a long at the retracement levels of 0.382-0.618 (or 0.786-0.886 in a more bullish scenario).
This is calculated from recent pivots, as indicated by a gray shaded triangle.
However, remember we've got a very weak weekly close. So going deep is risky, let alone a descending triangle completion as another (immediate bearish) scenario.
