TEXTBOOK Double Bottom for BTC??
So this is my first TA post, and it is a bit of a rough comparison post, but it might hold some credence.
If you look at the double bottom section on stockcharts.com ( http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:double_bottom_reversal ), the second example they give you shows a double bottom example of Pfizer in early 2000. I made the comparison between BTC/USD and Pfizer/USD on the daily during that time period and I see some similarities. Check the link to the website, and below I used the TV chart and roughly traced the movements using arrows.
And here is BTC:
Now beyond just the pattern, if you look at the C.M.F profile on the link to the website, you'll see similarities with the current BTC C.M.F as well, except for the current C.M.F for BTC is a little bit more radical than that on Pfizer:
And the volume profile shows a similar drop in volume , with intermittent and descending spikes, eventually ending in volume picking up, priming for a reversal.
What do you think? I know the preceding movements aren't exactly the same, but I think there is some things to consider. Again, this is just something I looked at out of interest. Not making any trades off of this.
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Very likely!
This will be the defining moment. If it doesn't hold here I see us falling down to at least 4950
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