BTC/USD is forming Double Top pattern possibly Adam & Eve Double Top.
Pattern becomes valid once brake support which is bottom of valley.
Al in place so far:
Price trend - Upward leading to the pattern.
Shape - Two distinct tops that look different. Adam tops appear first and are narrow, inverted V’s but Eve follows Adam and is more rounded looking and wider than Adam.
Valley - The valley drop between the tops should measure 10% - 20%, but allow exceptions.
Top price - The variation between price peaks is small, less than 3%. The two tops should appear to peak near the same price.
Confirmation - The double top confirms as a true double top once price closes below the valley between the two peaks.
Volume - Usually higher on formation of the left peak than the right.
Credit - Thomas N. Bulkowski
source - thepatternsite.com/aedt.html
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This information is not a recommendation to buy or sell.
Pattern becomes valid once brake support which is bottom of valley.
Al in place so far:
Price trend - Upward leading to the pattern.
Shape - Two distinct tops that look different. Adam tops appear first and are narrow, inverted V’s but Eve follows Adam and is more rounded looking and wider than Adam.
Valley - The valley drop between the tops should measure 10% - 20%, but allow exceptions.
Top price - The variation between price peaks is small, less than 3%. The two tops should appear to peak near the same price.
Confirmation - The double top confirms as a true double top once price closes below the valley between the two peaks.
Volume - Usually higher on formation of the left peak than the right.
Credit - Thomas N. Bulkowski
source - thepatternsite.com/aedt.html
IF YOU LIKE TRADING IDEA SMASH THAT LIKE BUTTON!!!
This information is not a recommendation to buy or sell.
Note
First target reached. Now we have to break support and we having valid Double Top with potential 25% price drop from support Note
If we break the support and pattern becomes valid these are my two targetsNote
First target reachedNote
I expect small pullback now and after pullback attempt to drop price to second target.Note
Falling wedge on 1H and falling volume suggest recent price rise is only a pullback which won't last long. Possible price drop
Note
wedge broken. going downNote
Another broken rising wedge, this time 10M chartExpect price going down to support again
Note
1D chart testing resistance If broken be prepared for going up.
Note
Pattern still valid. Daily chart shows we experienced pullback yesterday and now we are back on track to reach second target.Note
Buyers are not giving up. BTC is trying to breakout trendline. For now looks like there is more sellers on market pushing price down. Patience is required now.Note
BTC has formed ascending broadening wedge 1H chart. Downward breakout 73% of the time.Note
We will stop here for a moment. Support.
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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.