The BTC has been focused on undoing losses that gripped the market the previous week. But this effort seems to go down the drain because of the $60,000 psychological level on November 21, making the BTC price drop again towards the $55,300 support wall creating a double-bottom chart pattern.
Also, BTC/USD is hovering in the red at $56,533. It appears to have formed a double-bottom pattern on the four-hour chart after the sell-off was halted at $55,310. A double-bottom is an exceptionally bullish chart pattern that often results in a trend reversal.
A breakout from this technical pattern will be confirmed when the Bitcoin Price jumps over the resistance level equal to the peak at $60,224. If BTC reaches this level, it would have surged approximately 7% from the current price rising above the all-important $60,000 psychological level.
This bullish narrative is reinforced by the Moving Average Convergence Divergence (MACD) that sent a bullish signal on the four-hour chart. This occurred yesterday when the MACD line (blue) crossed over the signal line. The uptrend will gain more momentum once the MACD crosses the neutral line into the positive region as per coin gape
Importantly, a daily closure above Bitcoin’s immediate barrier at $56,862 is needed to sustain the expected upward breakout.
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