Ironman8848

BTCUSD - D1 - WARNING - POTENTIAL DOUBLE TOP IN PROGRESS !!!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning, today we are going to look at the daily picture.
Being in a broad uptrend channel (in green) since the lows ( double bottom around 29'000), the BTCUSD ,
from, its recent upside breakout of the clouds is currently in a more steeper uptrend channel ; in making,
yesterday, an intraday high @ 55'800 (acceleration triggered by the breakout of the former high @ 52'810).
Interesting to note that recent and current price action is showing the formation of a potential double top pattern !!
Upcoming D1 closing levels should then, be watched very carefully as, currently, the BTC /USD is, also, attempting to breakout the
upside of the new uptrend channel (in orange), which recently took place.
As long, as the BTCUSD , stays and hold sustainably above 53'433 on a daily closing basis, the picture will remain OK in supporting
the ongoing upside move and will open the door for higher levels towards 58'000/58500 (cluster 2 channels resistances !)

On the other hand, a failure to do it would be the first warning signal of a reversal (Dark cloud cover); stronger bearish signal
would be given by a breakout of the 51'500 ( Bearish engulfing pattern).

Looking briefly to the weekly picture, the upside breakout of the downtrend line resistance is in progress and should be confirmed by the
next weekly closing level in the next couple of days and last but not least also validated by the lagging span which also should breakout
the 60'000 area (former weekly closing level)
CONCLUSION :
As always, I strongly suggest to monitor closely, shorter intraday time frames which will help you to detect early signal (s) from the very short term
pictures which, of course, should be validated by higher time unit !!!
Have a great day.
All the best.
Take care
Ironman8848


Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/