Still Bearish with Triple Top 4hr

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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.
Comment: I don't know what to believe


Ever heard of an ascending wedge? Looks more like that than triple top imo. For a triple top, youll get a high, fall to a low, rise to that same high, fall to that same low, back to the high and then drop. Ascending wedges do the same, except a higher low each time instead of the same low. As always with btc it can go either way but I view these rejections from 10k as final attempts at accumulation (tricking traders to sell or short so they can buy) because once the 10.5k resistance breaks, there is nothing stopping it from blasting straight up to 12k or higher.
+1 Reply
@gtrox115, It's been invalidated. You're right.
gtrox115 The_Altcoin_Trade
@The_Altcoin_Trade, hahahaha sorry man ¯\_( ;) )_/¯ you win some and lose some
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