BTC Possible formation of Double top pattern and reversal
This is inverted chart and here from this angle it is double bottom pattern :)
Anyway, today markets are calm and this calmness is for some reason very disturbing. This looks like calm before the storm.
Double top formation will be confirmed if the price will fall below a support level between the two prior highs and this can be a signal that the overall uptrend is losing its momentum and the trend might be going sideways, or even reversing since double tops often lead to a bearish reversal.
Price can drop to 31-32 level, which is supported by the 0.5 level of Fib Retracement tool.
What do you think about that?
P.S. Most of all, I would like to be wrong in this forecast.
Anyway, today markets are calm and this calmness is for some reason very disturbing. This looks like calm before the storm.
Double top formation will be confirmed if the price will fall below a support level between the two prior highs and this can be a signal that the overall uptrend is losing its momentum and the trend might be going sideways, or even reversing since double tops often lead to a bearish reversal.
Price can drop to 31-32 level, which is supported by the 0.5 level of Fib Retracement tool.
What do you think about that?
P.S. Most of all, I would like to be wrong in this forecast.
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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.