Last week I made a post about a Double Top
that looked to be executing but the Bulls held around $8550 thereby establishing support at this level. However, looking at the Volume
levels, the Bears are winning in that regard as Bulls have repeatedly attempted to breach $9500-$10k but are continuously failing with each "peak" being lower than the previous. Unless Bulls rally with strong volume
, we can expect falling prices over the next month. On the Weekly, we haven't even touched the 25 EMA
and on the Daily we are barely holding above it. The RSI
hovering around 60 is not traditionally a good sign though we know how Bitcoin
is. That said, if you're going Long, the best opportunities and safest bet will be in the 20s after a dump with a Bull Divergence. I don't short as Bitcoin
is unpredictable but if you're doing so put tight stops.
What Is a Triple Top?
- The triple top is a type of chart pattern used in technical analysis
to predict the reversal in the movement of an asset's price. Consisting of three peaks, a triple top signals that the asset may no longer be rallying, and that lower prices may be on the way.
- Triple tops may occur on all time frames, but in order for the pattern to be considered a triple top, it must occur after an uptrend. The opposite of a triple is a triple bottom, which indicates the asset's price is no longer falling and could head higher.