BTC → a little bit correction!
Updated
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let's start to analyze Bitcoin!
Double Top Formation:
The chart clearly indicates a double-top pattern, which is a bearish reversal pattern. This suggests that the price might face downward pressure in the short term.
Support and Resistance Levels:
Resistance: The price faced resistance around the 68,000 USDT mark and failed to break through, forming the double top.
Support: The purple-shaded areas around 65,000 USDT and 64,500 USDT mark potential support levels where the price might find some buying interest.
Breakout and Retest:
The price has broken below the neckline of the double top pattern and is currently retesting this level. A further decline towards the lower support levels is likely if the retest confirms the resistance.
Trend Lines:
An upward trend line has been broken, indicating a shift from bullish to bearish sentiment in the short term.
Potential Scenarios:
Bearish Scenario: If the price fails to reclaim the neckline and the support at 65,000 USDT doesn't hold, it could drop further to the next support around 64,500 USDT.
Bullish Scenario: If the price manages to break back above the neckline and sustain the momentum, it might retest the recent highs of around 68,000 USDt.
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❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
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let's start to analyze Bitcoin!
Double Top Formation:
The chart clearly indicates a double-top pattern, which is a bearish reversal pattern. This suggests that the price might face downward pressure in the short term.
Support and Resistance Levels:
Resistance: The price faced resistance around the 68,000 USDT mark and failed to break through, forming the double top.
Support: The purple-shaded areas around 65,000 USDT and 64,500 USDT mark potential support levels where the price might find some buying interest.
Breakout and Retest:
The price has broken below the neckline of the double top pattern and is currently retesting this level. A further decline towards the lower support levels is likely if the retest confirms the resistance.
Trend Lines:
An upward trend line has been broken, indicating a shift from bullish to bearish sentiment in the short term.
Potential Scenarios:
Bearish Scenario: If the price fails to reclaim the neckline and the support at 65,000 USDT doesn't hold, it could drop further to the next support around 64,500 USDT.
Bullish Scenario: If the price manages to break back above the neckline and sustain the momentum, it might retest the recent highs of around 68,000 USDt.
___________________________
✓✓✓ always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Trade closed: target reached
targets of the short position touchedNote
targets of the long position touched
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