(c) First things first.
First Top: Around $2,860 on May 6.
Second Top: Around $2,830–2,850, recently.
Neckline is near marked by horizontal 0.5 Fibonacci level — current setup is very clean. I would say even too clean to be truth.
Price has pulled back after the second peak and is hovering near the neckline. No breakdown yet, but we are close to that.
_________________________________________
📉 Trade Setup (If Double Top Confirms)
1. Entry:
→ Short below the neckline, approx. @ $2 430 with confirmation (candle should close below this level).
2. Stop Loss (SL):**
→ Should be above second top, around $2 860.
→ High risk SL: Above recent candle high ~$2 620.
3. Take Profit (TP):**
→ We get it from height measure:
Top was at $2 850, neckline at $2 430 = ~$400 range
→ TP1: $2 430 − $420 = $2 010
→ TP2: Optional — 0.618 Fib zone near $1 860
_________________________________________
🔁 Retest Setup (If Break + Retest Happens)
If price breaks below the neckline and then comes back up to retest ~$2 430 as resistance, we are looking to:
1) Weak bullish candle or bearish engulfing on retest
2) Lower volume on retest
3) Enter short there with a tighter SL above retest wick.
⚠️ !! WARNING !!
DOUBLE TOP IS Not yet confirmed – price needs to break neckline and re-test it.
We are already in BULL's market, therefore FOLLOW THE GLOBAL TREND.
We are expecting volatility today because of Powells speech, thereofre this setup can be a TRAP, especially, If price closes back above ~$2 600 with strength — pattern is invalidated.
If you trade against the trend you should be ready for consequences. Good luck!
First Top: Around $2,860 on May 6.
Second Top: Around $2,830–2,850, recently.
Neckline is near marked by horizontal 0.5 Fibonacci level — current setup is very clean. I would say even too clean to be truth.
Price has pulled back after the second peak and is hovering near the neckline. No breakdown yet, but we are close to that.
_________________________________________
📉 Trade Setup (If Double Top Confirms)
1. Entry:
→ Short below the neckline, approx. @ $2 430 with confirmation (candle should close below this level).
2. Stop Loss (SL):**
→ Should be above second top, around $2 860.
→ High risk SL: Above recent candle high ~$2 620.
3. Take Profit (TP):**
→ We get it from height measure:
Top was at $2 850, neckline at $2 430 = ~$400 range
→ TP1: $2 430 − $420 = $2 010
→ TP2: Optional — 0.618 Fib zone near $1 860
_________________________________________
🔁 Retest Setup (If Break + Retest Happens)
If price breaks below the neckline and then comes back up to retest ~$2 430 as resistance, we are looking to:
1) Weak bullish candle or bearish engulfing on retest
2) Lower volume on retest
3) Enter short there with a tighter SL above retest wick.
⚠️ !! WARNING !!
DOUBLE TOP IS Not yet confirmed – price needs to break neckline and re-test it.
We are already in BULL's market, therefore FOLLOW THE GLOBAL TREND.
We are expecting volatility today because of Powells speech, thereofre this setup can be a TRAP, especially, If price closes back above ~$2 600 with strength — pattern is invalidated.
If you trade against the trend you should be ready for consequences. Good luck!
Order cancelled
DOUBLE TOP IS NOT CONFIRMED
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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.
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.