Double top reversal
A double top forms when the price makes a high within an uptrend, and then pulls back. On the next rally the price peaks near the prior high, and then falls below the pullback low. It's called a double top because the price peaked in the same area twice, unable to move above that resistance area.
As we can see here, BTC failed twice to break resistance around $11,700 and is now sitting on the first pullback zone of 9,200-9,300. Due to this bearish pattern, There is danger of BTC breaking below this pullback zone down to the long term trend line currently sitting ~$7,000.
As we can see here, BTC failed twice to break resistance around $11,700 and is now sitting on the first pullback zone of 9,200-9,300. Due to this bearish pattern, There is danger of BTC breaking below this pullback zone down to the long term trend line currently sitting ~$7,000.
Note
As expected, the double top pattern is breaking out into a bearish trend. I would set up a buy order in the $6,900-7,100 range which I feel is the likely long term support if we continue down further.
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