BTCUSD: Double Bottom Pattern Above $39,000

Bitcoin was unable to continue its last week’s bullish momentum and started to decline after touching a high of $47,184 on April 5th.

Bitcoin broke the $40,000 support and touched a low of $36,210 in today’s Asian trading session.

The selloff continues across the crypto markets, and the global investor sentiments are low due to the continuation of the Russia-Ukraine war and its emerging impacts on the prices of energy and stock markets.

After falling below the $40,000 handle, bitcoin found support and has entered a mildly bullish channel in today’s European trading session.

We can clearly see a double bottom pattern above the $39,000 handle which is a bullish reversal pattern because it signifies the end of a downtrend and a shift towards an uptrend.

The Stoch and the Williams percent range are indicating an overbought level which means that in the immediate short term, a decline in the prices is expected.

The relative strength index is at 43 indicating a WEAK demand for bitcoin at the current market levels.

Bitcoin is now moving below its 100 hourly simple moving average and its 200 hourly exponential moving average...More  info:  blog  FXOpen