BTC/USD Technical Analysis (2H Chart)
Pattern Identified:
A harmonic triple top formation is visible near the recent highs.
This is a bearish reversal pattern, especially when it forms at the end of an uptrend after a strong bullish rally.
Key Observations:
Price Structure:
After a strong bullish trend, BTC created three peaks around the same resistance level, failing to break above.
Each peak is followed by a sharp sell-off, indicating increasing selling pressure.
The neckline (support) has been marked and a breakdown is anticipated.
Bearish Confirmation:
The neckline break (around $101,000) is critical for bearish confirmation.
Once broken, it would validate the triple top structure.
Projected Targets:
1st Target: $93,800 — This aligns with the previous demand zone and horizontal support.
2nd Target: $86,600 — Deeper correction zone, consistent with previous consolidation area in April.
Trend Projection Path:
The grey zigzag line in the chart implies a bounce back after hitting the first target, possibly forming a lower high, and then continuing the downtrend toward the second target.
Volume & Momentum (not shown but implied):
Typically, weakening volume near the top and divergence in momentum indicators (like RSI or MACD) would further confirm this bearish setup.
Conclusion:
BTC/USD has formed a harmonic triple top pattern on the 2-hour chart — a strong sign of reversal. A breakdown below the neckline (~$101,000) could accelerate the bearish move. Immediate targets are:
Target 1: $93,800
Target 2: $86,600
A close above the triple top zone (~$106,000) would invalidate this bearish setup.
Disclaimer:
This analysis is for informational and educational purposes only. It does not constitute investment advice or a recommendation. Please do your own research or consult a financial advisor before making trading decisions. The cryptocurrency market is highly volatile and involves significant risk.
Pattern Identified:
A harmonic triple top formation is visible near the recent highs.
This is a bearish reversal pattern, especially when it forms at the end of an uptrend after a strong bullish rally.
Key Observations:
Price Structure:
After a strong bullish trend, BTC created three peaks around the same resistance level, failing to break above.
Each peak is followed by a sharp sell-off, indicating increasing selling pressure.
The neckline (support) has been marked and a breakdown is anticipated.
Bearish Confirmation:
The neckline break (around $101,000) is critical for bearish confirmation.
Once broken, it would validate the triple top structure.
Projected Targets:
1st Target: $93,800 — This aligns with the previous demand zone and horizontal support.
2nd Target: $86,600 — Deeper correction zone, consistent with previous consolidation area in April.
Trend Projection Path:
The grey zigzag line in the chart implies a bounce back after hitting the first target, possibly forming a lower high, and then continuing the downtrend toward the second target.
Volume & Momentum (not shown but implied):
Typically, weakening volume near the top and divergence in momentum indicators (like RSI or MACD) would further confirm this bearish setup.
Conclusion:
BTC/USD has formed a harmonic triple top pattern on the 2-hour chart — a strong sign of reversal. A breakdown below the neckline (~$101,000) could accelerate the bearish move. Immediate targets are:
Target 1: $93,800
Target 2: $86,600
A close above the triple top zone (~$106,000) would invalidate this bearish setup.
Disclaimer:
This analysis is for informational and educational purposes only. It does not constitute investment advice or a recommendation. Please do your own research or consult a financial advisor before making trading decisions. The cryptocurrency market is highly volatile and involves significant risk.
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.
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.