BTC - The trend is weak!
Updated
It's quite evident that a double-top formation has materialized in the price structure. This formation, in conjunction with the anticipated downtrend foreseen for the S&P 500, strongly implies the likelihood of a downward trajectory for BTC.
Numerous indicators are aligning to signal an impending move towards the downside, and it appears that this might occur sooner rather than later. Even fundamental indicators like the RSI are displaying a bearish divergence on the weekly timeframe, indicating a notable weakening in the prevailing trend.
Monitoring the fair value gaps below the current price levels is advisable, as they tend to be filled over time. Given the numerous indicators indicating a substantial bearish move, it is anticipated that a bearish outcome will occur soon.
Moreover, it is worth noting that the bear-market probability index is currently very high, indicating an inevitable occurrence of a significant bearish move.
About the double top formation:
t is considered a bearish reversal pattern and is often used by traders and analysts to predict potential price reversals.
The double top pattern consists of two peaks that are roughly equal in height, with a trough in between them. Here's how it typically forms and what it indicates:
Uptrend: The double top pattern forms after an extended uptrend, indicating that the price of the asset has been rising.
First Peak: The price reaches a peak, indicating a potential resistance level where selling pressure may be increasing.
Trough: After the first peak, the price retraces or pulls back, forming a trough or valley. This retracement shows that some buyers are taking profits or losing interest.
Second Peak: The price rallies again and reaches a similar peak as the first one. However, it fails to break above the previous high (the first peak).
Confirmation: The confirmation of the double top pattern occurs when the price breaks below the trough that formed between the two peaks. This break is often accompanied by increased selling volume and can be seen as a sign that the upward momentum has stalled and a potential trend reversal is underway.
Bearish Reversal: The completion of the double-top pattern suggests a shift from an uptrend to a potential downtrend. Traders may interpret this as a signal to start considering short positions or to take profits on existing long positions.
Numerous indicators are aligning to signal an impending move towards the downside, and it appears that this might occur sooner rather than later. Even fundamental indicators like the RSI are displaying a bearish divergence on the weekly timeframe, indicating a notable weakening in the prevailing trend.
Monitoring the fair value gaps below the current price levels is advisable, as they tend to be filled over time. Given the numerous indicators indicating a substantial bearish move, it is anticipated that a bearish outcome will occur soon.
Moreover, it is worth noting that the bear-market probability index is currently very high, indicating an inevitable occurrence of a significant bearish move.
About the double top formation:
t is considered a bearish reversal pattern and is often used by traders and analysts to predict potential price reversals.
The double top pattern consists of two peaks that are roughly equal in height, with a trough in between them. Here's how it typically forms and what it indicates:
Uptrend: The double top pattern forms after an extended uptrend, indicating that the price of the asset has been rising.
First Peak: The price reaches a peak, indicating a potential resistance level where selling pressure may be increasing.
Trough: After the first peak, the price retraces or pulls back, forming a trough or valley. This retracement shows that some buyers are taking profits or losing interest.
Second Peak: The price rallies again and reaches a similar peak as the first one. However, it fails to break above the previous high (the first peak).
Confirmation: The confirmation of the double top pattern occurs when the price breaks below the trough that formed between the two peaks. This break is often accompanied by increased selling volume and can be seen as a sign that the upward momentum has stalled and a potential trend reversal is underway.
Bearish Reversal: The completion of the double-top pattern suggests a shift from an uptrend to a potential downtrend. Traders may interpret this as a signal to start considering short positions or to take profits on existing long positions.
Note
Note
A break below 27k will cause a more significant move to the downside!Note
Be careful not to fall for this seemingly insignificant move!Note
I don't think the price is gonna stay put for too long. It's probably gonna change before we know it!Note
The likelihood of a recession in 2024 is very high, similar to that of the 1980s.Note
Keeping a close eye on S&P and DXYNote
The decline will begin soon...Note
Soon we will get to know... We let the passage of time serve as evidence!Note
I won't be surprised if it breaks to the downside! Note
Now it begins!! I told y'all!Note
Breaking to the downside!Note
Boom!
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