Bitcoin builds a base below 55k as patterns remain consistent

Earlier today Bitcoin fell to as low as 54,733. That is quite some way below the weekend high at 61,742. However, as the morning has progressed into the afternoon and the US markets are now in full swing, Bitcoin has rebounded. The formation was a W shaped bottoming out formation earlier on has allowed the lead coin to reclaim levels above 57k just now. The thing about Bitcoin that is surely worth mentioning; are its price action patterns. It is a highly technical market that relies hugely on technical patterns and that means the analysis of such is vital if one wants to trade this successfully. Forget all the nerdish jargon and smokescreen terminology; most of that is garbage. The simple truth is a lot clearer and easier to decipher. The most often patterns that can be gleamed right now are those W shaped bottoming out formations, double tops, and acceleration above and below trend lines. That is just a few to mention, as it the noted characteristic of weekend records followed often by weekday morning relapses and afternoon recoveries. Right now it looks like we have one of those playing out this afternoon, but let us see if it holds into the US close. The curse of the commentator is one thing to mention too of course. Bitcoin is currently trading at 56,855