Bullish technical analysis model, in sharp contrast to the pattern in Bitcoin (BTC) Warns that the market is in trouble recently and appears to be appearing in the price chart of Bitcoin holder MicroStrategy (MSTR).
The miniature pattern of the double bottoms forms two consecutive slots at about the same price, which is said to reflect the depletion of the trend, as well as the trend line (so-called neckline) drawn by the high points between them. The shift beyond the trend line confirms the trend changes in the breakout or bearish trends.
This is especially true when the pattern is at least 10% behind famous slides (such as MSTR) and high. As far as MSTR is concerned, it is greater than 35%.
The chart shows that the double bottom of MSTR has been around $230 since late February, while recovering to a neckline resistance of $320.94 in early March.
Prices through this shift in resistance will confirm a double bottom break and indicate a new bull run. Technical analysts typically add the gap between the slot and neckline to the breakout point to obtain a potential upside move, in which case, that means a rally to $410.
The stock price also ruptured by the downtrend line, characterized by the collapse of the November high of $543.
The evolving double bottom on the MSTR price chart looks like a BTC double top mirror image. Starting early this year, this model warned of price sales to $75,000.
The double highest failure of BTC occurred on February 24, with a price below $91,000, indicating a bearish trend reversal. The rate of decline has achieved success in the next few days, with prices falling to $76,800 last week. Wall Street’s High-Tech Index, Nasdaq See a similar crash Earlier this month.
According to CMT books, both double bottom and double top failure rates are low, meaning breakthroughs and crashes often lead to extended price rallies or sell-offs.
MicroStrategy is the world’s largest publicly listed Bitcoin holder boast Coin reserves are 499,096 BTC ($41.5 billion).
