Bitcoin Bearish Reversal "DoubleTOP"

[Pipjaeger]

https://www.tradingview.com/x/MtW80nlJ/


BTC is building a bearish Reversal Pattern on the Daily

Its a DoubleTOP.

We are now in the 5th wave on this Trend, on the Weekly its the 4th so there is a really HIGH Chance for a Breakdown and building in the Weekly a Doublebottom



What do you think guys?





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[exstasie]

BTC is building a bearish Reversal Pattern on the Daily

Its a DoubleTOP.

We are now in the 5th wave on this Trend, on the Weekly its the 4th so there is a really HIGH Chance for a Breakdown and building in the Weekly a Doublebottom

What do you think guys?

Looks more like a lower high than a double top.

This is a sideways consolidation. There is only an $800 range before a daily BB breakout. I would say the chart is not obviously bullish or bearish. We need to wait until the market chooses direction:

Above the $7,227 daily pivot things begin to look interesting again. A break above the $7,466 pivot will clearly trigger a bullish range expansion.

Below $6,456 triggers a bearish range expansion. The lower BB at $6,572 is a warning level. Between $6,572 and $7,227 it's a chop market and I have no strong bias.

[GreatArkansas]

I would love to close the weekly candle above $7,000 to be able not to break the blue trendline part there.
What if in these coming days, we can invalidate that double top? It could be easy for Bitcoin especially we are again back at above $7,000.
And I agree with @exstasie, not so double top based on your chart. Next week is exciting for Bitcoin.

[gantez]

Next week is exciting for Bitcoin.

From the chat, I'm seeing some bull candle. This could actually overturne the downside prediction that is flying for bitcoin. If the week close is on bull, it might continue the trend for next week.

[Sadlife]

Not only you can see a double top but also a lower high indicating a bigger dump to the downside and the bulls may have loss buying power and couldn't push the price to the upside. If bulls is exhausted then we should expect in the coming days a bearish trend if that indicator confirms.

[hd49728]

Do you remember what happened with bitcoin with the year 2018 when it dropped from $6k to $3k and the year of 2019 when it fell from $10k to $7k (numbers are simply rounded). It is the descending triangle pattern.

Now, what we have if we look at the chart pattern, the ascending triangle. It means we have huge chance to see Bitcoin will boom and break through its current price about $7k.

There are some other things are very important for the pattern to be confirmed:
- Volume has to increase that we have not yet seen;
- The market usually acts in the opposite of what most traders and investors think it will act.

Therefore, we have to be careful about the correctness of the pattern for the current situation of bitcoin.

For more details about the triangle patterns (ascending and descending), you can see in the link.

https://www.investopedia.com/terms/t/triangle.asp

[exstasie]

Now, what we have if we look at the chart pattern, the ascending triangle. It means we have huge chance to see Bitcoin will boom and break through its current price about $7k.
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There are some other things are very important for the pattern to be confirmed:
- Volume has to increase that we have not yet seen;
- The market usually acts in the opposite of what most traders and investors think it will act.

Therefore, we have to be careful about the correctness of the pattern for the current situation of bitcoin.

It's not a robust ascending triangle. The bottom was a high-volume capitulation so I don't anticipate the correct volume profile to form. It doesn't neatly fit inside converging trend lines either.

I view today's range expansion as a local event on the daily time frame, not so much as breaking out of a month-long pattern. I think we are actually near the end of this 1-2 month uptrend. I'm expecting a bearish reversal before the halving.

[GreatArkansas]

I also want to share this simple chart from this article: Bitcoin Stock To Flow (S2F) Indicator: Now Live on Cryptowatch
This could be big if it will happen again just like what happened last 2017, the only difference this time is the Bitcoin block halving event. The recent huge dump from $7,000+ up to do below $4,000 in just 24hours before, could be the last bottom for this year 2020.

[thesmallgod]

It getting bullish now. BTC resistance has been solid and we are already above $7.5k and probably it shall hit 8k before the end of tomorrow. This is really great even though halving is still many days far away

[pixie85]

It seems the double top OP was pointing to wasn't really a double top but a continuing ascending triangle followed by a bullish breakout.

Now we have to wait for it to break through 7800 and it looks like BTC is on the right track to do so this week. I feel like this positive setup before the halving will give us some king of relief rally at the very least to test out 10 thousand once again.

[rexxarofmoknathal]

Well, looks like you were incorrect.

Bitcoin has now returned to its pre-crash value and is now in the green for 2020.

There goes your credibility as a market analyst  

Your double top turns into a bear flag

[Pipjaeger]

Guys, Trading is a deal with possibilitys.

When i say BTC is building a Double Top, it doesnt mean:


THERE IS DOUBLE TOP GO SHORT NOW !!!111!!



If you join my Telegram Group, you could read i always repeat the same:

A pattern is valid when it breaks up/down with the correct volume after the right consolidation etc..

I just share ideas.


Whatever

here is my last BTC update i shared in my group:




https://www.tradingview.com/x/1xwx38b8/




________________________
Join my Telegram Group if you want its for Free i share my Charts and Analysis:

t.me/tradingjournalcrypto

[Jating]

^^ Yes, we understand the deal with making a technical analysis, it's either you hit or miss it.

But your double top call seems to be wrong that's why you get a lot of heat from this community. Don't get me wrong, I'm no expert as well and if I may a wrong call, well it's another lessons learn.

However, how can you get someone to join you in your Telegram when you made a wrong prediction, just saying. Best of luck to your trading channels though.

[cosmofly]

So you are wrong in this analysis and make many people lose confidence. Ideally, you should show your profit orders to restore their trust.
I admit that everyone will make mistakes but it's important to manage the capital and how you share your experience with us. You should have a lot more to share about how to manage capital, so that we can feel the professionalism from you.