It is looking likely that the price has completed a double top, which is considered a bearish pattern. In addition, the pattern is combined with bearish divergence, which makes a breakdown more likely.
The price is following an ascending support line, which is currently at $6200. A breakdown from the support line would most likely take the price to the next support area, which is found at $5750.
If the price travels the entire height of the double top pattern, it could reach the next support area at $4550, which marked the daily close during the bottom of March 13 and the subsequent bottom of March 18.
please leave a LIKE & COMMENT if you enjoyed the analysis.
The price is following an ascending support line, which is currently at $6200. A breakdown from the support line would most likely take the price to the next support area, which is found at $5750.
If the price travels the entire height of the double top pattern, it could reach the next support area at $4550, which marked the daily close during the bottom of March 13 and the subsequent bottom of March 18.
please leave a LIKE & COMMENT if you enjoyed the analysis.
Note
aaand the price finally broke down.Waiting for it to reach the target.
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.
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.