If this pattern works out then the target is at the same spot as the prior slanted H&S top target is.
Yes it appears to have been wicked on the second top. You'll see the wick better on an hourly chart. In my humble opinion..........
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Technically this potential pattern would be considered to have failed. Visually not quite due to their little manipulation at the high and wicking it again. Whatever system they appear to be using , to me it appears to violate many 'rules' and guidelines, in my opinion.
There would be another potential pattern that could push this 'thing' to approx $74,8ish. I'll post it. The prior potential double top has now become a potential triple one, lol But the next idea will be totally different since it'll be a temporary bullish one IF it plays out. In my opinion.
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New idea posted. I hope it fails. However, I don't mind if it doesn't.
New Idea Titled: Potential RipBit(bitcoin) Pattern Suggests A Move Up
For those not familiar with double tops: I'm going to copy and paste this from Investopedia which you can verify. Quote: "What Is a Double Top? A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs.
KEY TAKEAWAYS A double top is a bearish technical reversal pattern. It is not always easy to spot because there needs to be a confirmation with a break below support. While a double top is a bearish signal, a double bottom is a bullish signal. Top tops usually have an upswing, initial peak, trough, second peak, and neckline. Investors can short trade after the break or place small trades, as double tops may have limited profit potential.
How to Identify a Double Top There are several key steps in identifying a double top. Be mindful that every instance of a double top may be slightly different, and false signals may lead investors to believe a double top is forming when it isn't. Generally speaking, here are the steps to identify a double top.
Look for an Upswing: The price movement should be clearly in an uptrend prior to the creation of a double top. This indicates that the price has been making continuously higher highs and higher lows. Find the Initial Peak: Determine the uptrend's first peak. The price has now risen to its maximum level before beginning to fall. Find the Trough: Following the initial peak, the price will briefly fall. Find the valley or trough that develops following the initial peak. Find the Second Peak: The price will then rise once more in an effort to hit a new high. But this second rally will fall short of the first peak's height and begin to collapse once more. Verify the Pattern: To verify a double top pattern, make sure the decline that follows the second peak is lower than the trough that follows the first peak. This demonstrates that the previous resistance level was not successfully overcome by the price. Draw the Neckline. Connect the low points of the two troughs with a horizontal line. This is the neckline, which denotes a level of support. It serves as an essential pattern reference. Verify Double Top Pattern: To verify the double-top pattern, watch for a price break below the neckline. Breaking below the neckline might be interpreted as a sell signal because it portends a potential trend reversal." End quote.
Keep in mind that it's a 'potential DT' until proven otherwise. That said, the first leg down from the second top appears to have five waves and can be verified on either a 1 minute or 3 minute time frame chart. In my humble opinion. All The Best!