Double top in a double top.. target 8700.
The price may be threatening to break up back to $10000 level the longer it spends at these levels. However at the same time 3 major Bearish chart patterns seem to be converging.
The overarching pattern formation looks like quite a solid Bart pattern as explained in the linked article last attempt at the top 2. We seem to be at the right edge of the cliff wall right now which is usually quite a bearish place to be. This move is likely to take us to the 8400-8700 level.
The top of this Bart pattern seems to be contained by a descending triangle pattern with only limited wick violations on the top side. Also explained in last attempt at the top.
Finally on the 4 hour time frame an interesting double top is being made at a lower high threatening a retreat to the $8700 level.
Also a lower timeframe double top down to the neckline of the main one at $9100 is also forming. I will link a snapshot in the comments.
So what do you guys think? Are we about to see a mega convergence of bearish chart patterns or is Bull about to fool me yet again. Your thoughts comments and likes are ever appreciated.
Peace to all of you.
The overarching pattern formation looks like quite a solid Bart pattern as explained in the linked article last attempt at the top 2. We seem to be at the right edge of the cliff wall right now which is usually quite a bearish place to be. This move is likely to take us to the 8400-8700 level.
The top of this Bart pattern seems to be contained by a descending triangle pattern with only limited wick violations on the top side. Also explained in last attempt at the top.
Finally on the 4 hour time frame an interesting double top is being made at a lower high threatening a retreat to the $8700 level.
Also a lower timeframe double top down to the neckline of the main one at $9100 is also forming. I will link a snapshot in the comments.
So what do you guys think? Are we about to see a mega convergence of bearish chart patterns or is Bull about to fool me yet again. Your thoughts comments and likes are ever appreciated.
Peace to all of you.
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