DLavrov
Short

Bitcoin - Double Top?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I'm not the master of the charts, the professor, the legend, the king... I'm not the guru of Technical Analysis . I can't find chart patterns, like them, in markets where there are no patterns at all. That's why sorry, if this analysis based on a reversal chart pattern like Double Top , is not so wonderful and proper from your or gurus' point of view.

When we talk about chart patterns, different traders have different rules and styles for drawing patterns. For one trader H&S is formed, and for another trader the right or left shoulder is not so clear and he does not use this pattern for trading. It's just an example.

Let's look at the 4H timeframe. The price reached 4000.00 resistance level two times and could not break it. We got two highs and the swing low between them. It's a double top pattern, at least it looks like this. I can't say that it's the perfect pattern because for such one I would like to see clear swing highs and lows. But I would want to use it even it's not perfect. If you think I'm wrong, please read one more time the 1st paragraph.

As I wrote in the previous post about BTC , it will be logical if the price bounces from 4000.00 level and make a correction. It will be logical movement in the bullish structure. Now we have the reversal pattern from the resistance and bearish divergence. Yes, the double top must be confirmed by breaking below the signal level = the local swing low. But I think it's just the question of time.

RSI confirms the price reversal. MACD supports the downward movement. DMI is bullish and confirms the strong trend, but ADX line falls and it tells that bulls become weaker. The market is going to move lower and these signals confirm it.

This post is not about shorting BTC . It's just the information for those who hold buy trades with close targets. Maybe it's time to think about fixing profit? For medium term and long term traders and investors, this possible correction must be used only for adding more trade volume to their active positions.

If you think that this post is worthwhile, I will be very grateful for your rewards by LIKEs.
As usual, your comments, opinions are welcome in comments!
Comment: This setup will be active until the price will break 4000.00 resistance. Without it, the market can form the triple top and after that move lower.
Comment: Will the market form the 3rd top, or it's going to break 4000.00 resistance?
The update will be published as soon as there will be more signals from the market.
Comment: Please, read update here
Comment: The price reached the local uptrend line. The market still has some space for further downward movement, if the price can break the support line. The zone between 3500.00 and uptrend line will be more interesting for providing reliable reversal signals which can be used for buying.
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Hello, If you accept comments from others then my advice is " Do not waste your time trying to convince people who are arrogant, You are doing great JOB by sharing your thoughts, Yes it is the market, sometime we get it wrong, sometimes we get it write. There are thousands of analysis out there with only two probabilities the price will go UP or Down. So why your are responding to every non sense statement. I guess each trader is using his money, so the traders will face consequence of their decision. Just relax and do not bother.
Good Job and thanks for the efforts of sharing :)
+1 Reply
@saif12, thanks a lot for your comment! I will try to follow your advice!
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BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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Wrong call Sir
+1 Reply
ahahha your text was hilarious.
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You got it wrong mate, it is
"The Seer of The Future, The Master of Charts, A Legend of Crypto, and The Deliverer of Prosperity!"

How dare you mispell his highness title?

(When is this guy going to entirely blow up anyway?)
+1 Reply
Bitcoin + Altcoins Market Update:
+1 Reply
its not a double top
+3 Reply
Hi Dmitriy, finally someone else that is not ultimately bullish at once. It indeed looks like the power is not there _yet_.

Have a look at my idea if you want, I came to the same conclusion.

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