BTC → a little bit correction!
hello guys.
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
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
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
👉 my broker:: bit.ly/HYMCMELI
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.