Key Points:
- The hourly chart for BTC indicates a double bottom breakout, suggesting a bullish reversal.
- The charts for XRP and DOGE show bullish trends as well.
The cryptocurrency news cycle has grown hectic due to President Trump’s fluctuating tariff announcements. Traders are advised to concentrate on price dynamics rather than external distractions, focusing on the immediate patterns of the market.
In the case of Bitcoin (BTC), price patterns signal a bullish turnaround, contrasting the January-February peaks exceeding $109K.
Britain has observed a double bottom pattern at approximately $74,600 between April 7 and April 9, following a temporary increase to almost $80,800. Prices broke through the neckline indicating this double bottom on Wednesday.
Technical analysis suggests that the distance between the two troughs plus the neckline can project an upward potential, estimating a Bitcoin rise to around $87,000. Currently, Bitcoin trades at around $82,000.
Additionally, a bullish outside day candle appears on the daily chart, signaling a reversal trend. This candle, characterized by a green body, suggests renewed buying momentum.
Any significant downturn below $75,000 could invalidate these bullish signals.
XRP and DOGE Show Recovery Potential
The cryptocurrencies XRP and DOGE experienced notable gains of 14.3% and 12.7% respectively, as Bitcoin’s strength instigated broader market optimism.
Both have created bullish outside day candles, indicating the bulls’ determination to reclaim control of the market after a period of declines.
