Following the technicals, we have a perfect wick touch on the 61.8 fib, finding support on what was previous resistance. Price has also formed a double bottom with a breach of the neckline, suggesting we've found a meaningful base on the previous daily low, and the market is ready to move to the upside once again.
Then again, a bull trap needs to be considered a possible scenario. I can't rule out the possibility of a larger Head & Shoulders formation until price shows it's able to break and sustain above the $16,000 price level.
Then again, a bull trap needs to be considered a possible scenario. I can't rule out the possibility of a larger Head & Shoulders formation until price shows it's able to break and sustain above the $16,000 price level.