BTC. Double bottom formation confirmed
20 August 2019

Industry news:
The average crypto market sentiment measure, Sentscore, for the top 10 coins dropped further this Monday to 4.37, below last week's 4.76 and even below 4.43 from three weeks ago, according to Omenics, a crypto market sentiment analysis service. However, the sentiment improved sharply in the past 24 hours.


Daily view:
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Based on the daily time-frame, I found successful rejection of the key support at the price of $9,185 (my Friday's target), which is good indication for more upside. Stochastic oscillator got fresh bull cross and this is just another confirmation for the further upside and potential test of $11,270.

4H time-frame view:
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Based on the 4H time-frame, I found double bottom formation and strong reversal bar in the background, which is strong sign that upward momentum is present. MACD entered into positive territory.


Trading recommendation:
According to current market condition, my advice is to watch for buying opportunities on the pullbacks with the first target at $11,270.


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Performed by Petar Jacimovic
Analytical expert
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