{"id":93892,"date":"2020-11-22T08:33:12","date_gmt":"2020-11-21T22:33:12","guid":{"rendered":"https:\/\/www.tradecharting.com\/?p=93892"},"modified":"2020-11-22T08:33:12","modified_gmt":"2020-11-21T22:33:12","slug":"a-double-bottom-on-btc-usd","status":"publish","type":"post","link":"https:\/\/www.tradecharting.com\/a-double-bottom-on-btc-usd\/","title":{"rendered":"A Double Bottom on BTC\/USD?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\"><strong>BTC\/USD<\/strong><\/span>: The recovery of BTC\/USD over recent weeks has brought this cryptocurrency back into focus for many traders and analysts. BTC\/USD closed the week with a large bullish weekly candle and just under the $19,000 whole-number S\/R level. I have <a href=\"https:\/\/www.tradecharting.com\/bitcoin-update\/\" target=\"_blank\" rel=\"noopener noreferrer\">long been on record<\/a> wondering if this 2019 &#8211; current swing High move is part of a Wave 3 style Elliott move and that thought remains valid. The weekly chart is also shaping up with a potential bullish pattern and any breakout with this pattern would support my Wave 3 thesis.<\/p>\n<p style=\"text-align: justify;\"><!--more--><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><em><strong>BTC\/USD<\/strong>: is this swing High part of a Wave 3 style thrust?<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-93887\" src=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-1024x466.jpg\" alt=\"\" width=\"1024\" height=\"466\" srcset=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-1024x466.jpg 1024w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-600x273.jpg 600w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-300x137.jpg 300w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-150x68.jpg 150w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-768x350.jpg 768w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-1536x699.jpg 1536w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily-1-2048x932.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The Wave 3 of the Basic 5 wave Elliott pattern is the longest of all the waves, as illustrated below, and so is well worth monitoring:<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><em><strong>Elliott Wave<\/strong> (courtesy of Stockcharts.com):<\/em><\/p>\n<p><a href=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Elliott-Wave-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-93903\" src=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Elliott-Wave-1.png\" alt=\"\" width=\"620\" height=\"376\" srcset=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Elliott-Wave-1.png 620w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Elliott-Wave-1-600x364.png 600w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Elliott-Wave-1-300x182.png 300w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Elliott-Wave-1-150x91.png 150w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Note how the ADX and Ichimoku Cloud would have helped traders to capture this latest swing High move off the daily chart. The TC signal here have a 20R trade result that is still open:<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-93889\" src=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-1024x492.jpg\" alt=\"\" width=\"1024\" height=\"492\" srcset=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-1024x492.jpg 1024w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-600x288.jpg 600w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-300x144.jpg 300w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-150x72.jpg 150w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-768x369.jpg 768w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-1536x739.jpg 1536w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDdaily2-2048x985.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The weekly chart below has a bit of a bullish-reversal <a href=\"https:\/\/www.investopedia.com\/terms\/d\/double-top-and-bottom.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><em>Double Bottom<\/em><\/strong><\/a> look to it doesn&#8217;t it! Many technical analysts would have the $14,000 as the <em>neck line<\/em> here but $19,000 looks like the next prominent resistance level to monitor. Traders should watch the $19,000 level for any new <em><strong>make<\/strong> <\/em>or <em><strong>break<\/strong><\/em>:<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-93897\" src=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-1024x462.jpg\" alt=\"\" width=\"1024\" height=\"462\" srcset=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-1024x462.jpg 1024w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-600x271.jpg 600w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-300x135.jpg 300w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-150x68.jpg 150w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-768x347.jpg 768w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-1536x694.jpg 1536w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/BTCUSDweeklyDB-2048x925.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Any BTC\/USD weekly chart break and hold above $19,000 would bring the $30,000 level into focus as this is the 161.8% Fibonacci extension of the last swing High move (2017-2018):<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-93888\" src=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-1024x464.jpg\" alt=\"\" width=\"1024\" height=\"464\" srcset=\"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-1024x464.jpg 1024w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-600x272.jpg 600w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-300x136.jpg 300w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-150x68.jpg 150w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-768x348.jpg 768w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-1536x696.jpg 1536w, https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/btcusddailyExtension-1-2048x928.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BTC\/USD: The recovery of BTC\/USD over recent weeks has brought this cryptocurrency back into focus for many traders and analysts. BTC\/USD closed the week with a large bullish weekly candle and just under the $19,000 whole-number S\/R level. I have long been on record wondering if this 2019 &#8211; current swing High move is part [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":93895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-93892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.tradecharting.com\/wp-content\/uploads\/2020\/11\/Bitcoin-bounce.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3aZFM-oqo","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/posts\/93892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/comments?post=93892"}],"version-history":[{"count":5,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/posts\/93892\/revisions"}],"predecessor-version":[{"id":93910,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/posts\/93892\/revisions\/93910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/media\/93895"}],"wp:attachment":[{"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/media?parent=93892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/categories?post=93892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tradecharting.com\/wp-json\/wp\/v2\/tags?post=93892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}