BitcoinShort
"BTC/USD Double Top Breakdown: Targeting Key Support at 92,000"
This chart for BTC/USD highlights the following key points:
1. **Double Top Formation**:
- A clear double top pattern is visible around the 108,000 resistance zone.
- This is a bearish reversal signal, indicating a potential move downward.
2. **Break of Trendline Support**:
- The price has broken below the ascending trendline, further confirming bearish momentum.
3. **Price Targets**:
- The next major support zone appears to be around 92,000–88,000, which aligns with the highlighted horizontal demand area.
4. **Bearish Volume Profile**:
- Significant selling volume is noted after the rejection from the resistance zone, reinforcing the downside bias.
Summary:
BTC/USD is showing strong bearish signals after failing at the 108,000 resistance and forming a double top. The break of the trendline suggests a continuation to the downside, with a target around 92,000–88,000. Traders should watch for retests of the broken support or confirmation of further downside momentum.
1. **Double Top Formation**:
- A clear double top pattern is visible around the 108,000 resistance zone.
- This is a bearish reversal signal, indicating a potential move downward.
2. **Break of Trendline Support**:
- The price has broken below the ascending trendline, further confirming bearish momentum.
3. **Price Targets**:
- The next major support zone appears to be around 92,000–88,000, which aligns with the highlighted horizontal demand area.
4. **Bearish Volume Profile**:
- Significant selling volume is noted after the rejection from the resistance zone, reinforcing the downside bias.
Summary:
BTC/USD is showing strong bearish signals after failing at the 108,000 resistance and forming a double top. The break of the trendline suggests a continuation to the downside, with a target around 92,000–88,000. Traders should watch for retests of the broken support or confirmation of further downside momentum.
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Disclaimer
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If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.