$BTCUSD - Adam and Eve double top forming leading to correction
We start to see a formation of an Adam and Eve double top.
It is quite early to clearly see this pattern but volume and indicators suggests the likelyhood of seeing this formation.
The pattern will be confirmed when the neckline is broken at 12,750 dollars.
All indicators have bearish divergences and pointing bearish.
Bullish scenario
If we fail to produce this double top pattern we might see a break and a retest of 17,500, if we break it with solid volume (unlikely before) we might see a definite push to 20,000 dollars.
Fundamentally the launch of the CME futures on monday might play a role and push the price higher as we saw with CBoe futures but conisdering that CME will be a much bigger futures market we might see much higher price movements.
Trade safe.
It is quite early to clearly see this pattern but volume and indicators suggests the likelyhood of seeing this formation.
The pattern will be confirmed when the neckline is broken at 12,750 dollars.
All indicators have bearish divergences and pointing bearish.
Bullish scenario
If we fail to produce this double top pattern we might see a break and a retest of 17,500, if we break it with solid volume (unlikely before) we might see a definite push to 20,000 dollars.
Fundamentally the launch of the CME futures on monday might play a role and push the price higher as we saw with CBoe futures but conisdering that CME will be a much bigger futures market we might see much higher price movements.
Trade safe.
Comment:
Broke the double top formation. Retested already the 17500. Most likely higher.
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