๐ Daily TA: Bitcoin (BTC/USD) | 22-12-2021
Hodl, dear members of LeoFinance!
Today, I would like to show you something interesting on the price chart of Bitcoin. Because Bitcoin is the barometer of the crypto market everyone is keeping a close eye, nowadays, on BTC/USD, in order to, catch the beginning of the uptrend renewal in the crypto market.
So, in the 1-hour chart (1H), BTC/USD has approached the upper line of the Descending channel (downtrend): In my view, if a breakout takes place and the price exits the channel in the upward direction then the correction may end, a local bottom may form, and, later on, BTC/USD may resume the uptrend.
Interestingly, in the 30-minute chart (30M), BTC/USD has formed a Double Bottom - a common trend reversal signal: So, this is an additional potential small bullish signal.
Although, the potential bullish signals are in very short time frames (1H and 30M), and these signals are not very reliable, I would like to outline that the big shifts start from small things! That's why I will continue to keep a close eye on BTC/USD and update in case something more significant happens.
To be continued ...
As of the time of writing, one BTC costs $49019,21 on the Bitstamp crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
Check @crypto-guides to learn about the essentials of the major cryptocurrencies.
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