BTC forming Double Top as well as testing key resistance
Two things happening right now,
1). BTC Forming Double top on 1D chart
2). A major horizontal resistance level is getting tested.
These 2 things indicate that we are going to see a pull back in the coming days, once we hit 45.5k to 46k level.
How much can we pull back?
BTC will retrace back to the trend line it broke a few days ago, that retest is essential.
Conclusion:
There is a nice short opportunity at this key level, as a pull back can be seen on charts.
1). BTC Forming Double top on 1D chart
2). A major horizontal resistance level is getting tested.
These 2 things indicate that we are going to see a pull back in the coming days, once we hit 45.5k to 46k level.
How much can we pull back?
BTC will retrace back to the trend line it broke a few days ago, that retest is essential.
Conclusion:
There is a nice short opportunity at this key level, as a pull back can be seen on charts.
Note
Update: If we see a consolidation happening at 45 to 46k level, then that would be a bull flag formation and it would not be wise to open short
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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.