Today has started with a price alert on my cryptocurrency trading app regarding Ethereum. The ETH price jumped by over 10%. Ethereum is currently trading at $158 , it is beginning the new year very well.
After checking the Ethereum price, I immediately had a look at Bitcoin. The Bitcoin price is also up, but only by 2%. If there is a true tandem in the way market leaders move, we can then expect the Bitcoin price to rise further
in the coming days. Below you can see a chart of my no non sense bitcoin price analysis today is showing a clear "W PATTERN"
around $3631 ( see orange outline on the chart ).
The "W PATTERN" is basically a way to spot double bottom and the pattern is confirmed once the price moves above the neckline.
The Bitcoin price is now trading above the Donchian Channel midline, which adds extra weight to the bullish sentiment.
My entry prices remain the same. The idea is to let the price rise to the target zones... in other words, let the trade come to you.
This is my bitcoin price analysis for today and it should not be considered as financial advise.
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All the best,