Bitcoin: Tweezer Bottom Indicates A Reversal Is Possible (Technical Analysis)

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5.34K Followers
(6min)

Summary

  • Bitcoin's recent chart appears to show a textbook tweezer bottom, signaling a likely bullish reversal after its recent downtrend.
  • If Bitcoin continues this reversal of sentiment, I expect a move higher and a potential test of prior highs in the near term.
  • A confirmed tweezer bottom would mark strong buyer intervention and a probable shift in market sentiment toward new highs this summer.
  • If $100K fails to hold, the bullish thesis is invalidated; price action this week should confirm whether a sustained reversal is underway.
Micro sign electronic money Bitcoin

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Recent price action in Bitcoin's (BTC-USD) chart appears to show a textbook tweezer bottom. A tweezer bottom is a bullish reversal candlestick pattern that sometimes appears at the end of a downtrend. If this is the case, Bitcoin may be

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Zvi provides advisory services to companies, trusts, and individuals, including consulting expert services regarding retirement and estate planning. Zvi is admitted to practice law in the state of New York, where he offers cash management, Bitcoin, and Trust Protector services. Zvi is also The Claw of The Lava Empire and is an Amazon Influencer. No articles or discussions here shall constitute a legal, fiduciary or advisory role, but solely act as informative press and/or a starting point from which, ideally, further constructive discussion may follow. Comments are welcome, as are questions.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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