wstchse
Short

Double Top Reversal

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
176 5 2
This pattern looks as if it could meet the requirements of a double top , and if that was the case I think we would retest 450. I've been short from 620, 600, and 580. I will continue to trade in and out of the interior swings, and watch how the market reacts.
I like the idea, it fits the double top pattern perfectly. However textbook double top confirmation and trade entry would present itself after the price closing below the valley floor (in this case 522, or if you want to exclude that rather unnatural spike - 540). From the pattern study there's like 2 out of 3 chance right now that double top will not confirm and we'll go upwards, so this is rather a high risk trade. Textbook target of this pattern is 436 in this case, trade entry only if price closes below 540.

I'm also short :) GL.
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Thanks for the feedback, greatly appreciated. This would be optimal for the both of us then, I agree we have to have a strong break @ the 540 level.
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Correct, and thats only roughly 3-4%, which still fits within the guidelines.
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There's almost $25 difference between the two tops. I don't see that as a double top.
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wstchse MoonTrader
Correct, and thats only roughly 3-4%, which still fits within the guidelines.
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