Bitcoin (BTC) Price Forming Double Bottom: Setting Stage For Rebound

Bitcoin price seems to be forming a strong support base near $7,440 against the US Dollar.
The price recovered above $7,700 and it is currently trading near the $7,800 resistance area.
There is a major bearish trend line forming with resistance near $7,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely forming a double bottom pattern and it could stage a decent recovery above $8,000.Bitcoin price is showing a lot of positive signs above the $7,500 level agai