Whenever you have a breakout, for the breakout to be confirmed, it needs to be retested. This is a basic technical analysis concept.
We broke out from the 2024 ATH of $74k but it has not been retested yet.
After topping at $108k and hitting a near horizontal $109k, Bitcoin has quietly completed a Double Top pattern on the weekly chart which is extremely Bearish.
There are Daily and Weekly fair value gaps running down to $61k.
The chart shows a simple, logical path of how we could potentially arrive at $61k, including the inevitable pullbacks along the way.
This is based 100% on technical analysis.
BTCUSDT BTCUSD
We broke out from the 2024 ATH of $74k but it has not been retested yet.
After topping at $108k and hitting a near horizontal $109k, Bitcoin has quietly completed a Double Top pattern on the weekly chart which is extremely Bearish.
There are Daily and Weekly fair value gaps running down to $61k.
The chart shows a simple, logical path of how we could potentially arrive at $61k, including the inevitable pullbacks along the way.
This is based 100% on technical analysis.
BTCUSDT BTCUSD Note
After a period of consolidation, it appears that BITCOIN could reverse sharply to take some small pockets of liquidity above the current price before making the final move back down.... This means that BTC could go as high as 103k before dumping HARD. The pink areas on the chart highlight the selling Fair Value Gaps areas on the Daily chart. High volatility expectedTrade closed manually
I now believe that this will hit $74k then reverse sharply to 102-104k, invalidating a classic double top
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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.