Double top

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
The basis for the idea that we're seeing a double top is not just the obvious chart pattern but the low volume , MACD histogram divergence and break in stoch RSI buy signals. Immediate target for a sell-off based on the previous low. Moving beyond that, I believe that BTC is overvalued and overbought - still stuck in an optimistic cycle that is swiftly running out of buy support. Remember that in a bubble it is *always* "different this time".

This chart is only valid within a 1h time frame, it does not apply to the medium or long term trend.

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.