BTCUSD Bitcoin has formed a double top pattern, confirmed by a breakdown below 89,199, signalling potential for further downside. Additionally, a bearish flag breakdown in recent sessions suggests continuation lower.This morning’s gap down highlights market weakness, but a fill of this gap at $83,543 may offer an ideal entry for short positions.
Trade Details
- Entry (Sell Limit): 83,543
- Stop Loss: 87,992
- Take Profit: 70,613
- Risk/Reward Ratio: 2.9:1
Key Levels
Resistance:
R1: $83,543 (Entry Point)
R2: $85,819
R3: $88,767
Support:
S1: 76,590
S2: 70,531
S3: 63,411
Technical & Fundamental Factors
✅ Double Top Formation – Breakdown below 89,199 confirms bearish momentum.
✅ Bearish Flag Breakdown – Indicates continuation of the current downtrend.
✅ Gap Lower – Signals further weakness; gap fill at 83,543 offers a selling opportunity.
⚠️ Smart Money Not Buying – Commercial participants are selling Bitcoin, suggesting a lack of institutional support.
Summary
This setup offers a high-probability short opportunity at 83,543, targeting a move down to 70,613, with a stop at 87,992. The combination of technical breakdowns and weak institutional demand supports a bearish outlook.
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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.