Bitcoin sets a defined double bottom in place for now

Yesterday the breakdown below the noted 21 day moving average in Bitcoin delivered some immediate acceleration as stops and system sellers jumped on the move lower. The price tumbled to as low as 58,132. The rebound following that low was more sideways than it was dynamic and it remained below the 59,575 breakdown point for the rest of the session. Later, last night a brief pop to retest that 21 day moving average failed and it has fallen back again today. The price fell to as low as 58,155 where upon it rebounded again. Hence, it has set in place a clearly defined double bottom on the charts. Now of course if the price were to fall below those two lows (58,132 and 58,155) from here on, then that would be negated. That is also the case, because the rebound this morning is still not of any technical consequence and the price remains camped south of the 21 day moving average. That has now shifted today, to 59,711. There will be more to add on all this as the day unfolds. Bitcoin is currently trading at 59,095