CryptoCow

Bitcoin (BTC) Double Top - Downside Target

COINBASE:BTCEUR   Bitcoin / Euro
Not many analysts seem to mention that BTC has actually created a double top .
The two highs forming the double top were not exactly identical, but close enough.

I wanted to give you guys the downside target for the double top .
If this pattern materializes, I think it's important to keep that in mind.

We calculate the target by measuring the distance from the low between the two tops and the high, and distracting it from the low. In the chart these are the two blue lines.

So IF we break below our recent low of 7615 EUR, our downside target could be around 5648 EUR (red line).

You can see that this level is also very close to the 78.6% Fib-retracement for our recent rally from 4700 EUR up, making this level even more significant.

Good luck!
Comment: We jost broke the recent low, so it seems I posted this just in time...lol.
Comment: We are forming bear flag after bear flag... doesn't look good :(
Trade active: On the way...
Comment: Only ~500€ more to go to the double top target...
Comment: We are getting closer and closer to the target.
Trade closed: target reached

Comments

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