Understanding the importance of double tops and bottoms as BTC extends above 114k

Last week and yesterday we noted here how Bitcoin had formed a base on the daily charts. That base was in the form a clearly defined double bottom, at 108,670 and 108,692. Those were set on Thursday and Friday last week. So, as you can see, from there on it has been a recovery that has taken shape and propelled BTC back above both its 50 and 100 day moving averages again. Previous updates here noted how it needed to get back above 114k in orders to cement any kind of rebound. So, it has now achieved that. The point to be made here is understanding the potential for double bottoms (and tops) to define a reversal in the price action. Look, we saw that last week in the opposite direction on the S+P 500, when that set in place a double top on the daily charts at 6,699. So, it is important to point these formations out when they unfold, as we always try to do. So, BTC has extended the rise above 114k this morning, reaching a high so far at 114,846. The low seen earlier was set at 114,083. It is trading off the highs now and in fact just this moment approaching the lows. So we shall have to see what support now resides at that 114k handle. BTC is currently trading at 114,144