BTC forming double top
Updated
This is not a financial idea, I may be wrong, it's only my opinion, you are responsible if you follow my thoughts.
Since BTC topped from ~$6000 low, it's volume shrink and barely get reach ~$11700 resistance. Now in the 04 hours frame we see a double top pattern forming, which is this a strong signal of selling pressure, of course this will trigger panic selling, and that could break the first support at $10300.
I calculated the acceleration of swing high from the resistance of ~$9300 to ~$11700, which gives me 41 bars(06 days and 20 hours), so I expect if the support at ~$9370 broke and the pattern get successful then we will see BTC at ~$7200.
Since BTC topped from ~$6000 low, it's volume shrink and barely get reach ~$11700 resistance. Now in the 04 hours frame we see a double top pattern forming, which is this a strong signal of selling pressure, of course this will trigger panic selling, and that could break the first support at $10300.
I calculated the acceleration of swing high from the resistance of ~$9300 to ~$11700, which gives me 41 bars(06 days and 20 hours), so I expect if the support at ~$9370 broke and the pattern get successful then we will see BTC at ~$7200.
Note
This is not a financial idea, I may be wrong, it's only my opinion, you are responsible if you follow my thoughts.BTC now may restest $10150 - $10300 resistence before it goes deeper, next support is ~$9520 - ~$9340 if it breaks then we will catch it at ~$8900.
This idea will be canceled if high volume entered to lift up BTC, but since we are getting bad news after one, best thing to do is to seat and wait.
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