balocik

BTC - Possible Double Top

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC/USD is forming Double Top pattern possibly Adam & Eve Double Top .
Pattern becomes valid once brake support which is bottom of valley.

Al in place so far:

Price trend - Upward leading to the pattern.
Shape - Two distinct tops that look different. Adam tops appear first and are narrow, inverted V’s but Eve follows Adam and is more rounded looking and wider than Adam.
Valley - The valley drop between the tops should measure 10% - 20%, but allow exceptions.
Top price - The variation between price peaks is small, less than 3%. The two tops should appear to peak near the same price.
Confirmation - The double top confirms as a true double top once price closes below the valley between the two peaks.
Volume - Usually higher on formation of the left peak than the right.


Credit - Thomas N. Bulkowski
source - http://thepatternsite.com/aedt.html

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This information is not a recommendation to buy or sell.
Comment: First target reached. Now we have to break support and we having valid Double Top with potential 25% price drop from support
Comment: If we break the support and pattern becomes valid these are my two targets
Comment: First target reached
Comment: I expect small pullback now and after pullback attempt to drop price to second target.
Comment:
Falling wedge on 1H and falling volume suggest recent price rise is only a pullback which won't last long. Possible price drop
Comment: wedge broken. going down
Comment: Another broken rising wedge, this time 10M chart

Expect price going down to support again
Comment: 1D chart testing resistance

If broken be prepared for going up.
Comment: Pattern still valid. Daily chart shows we experienced pullback yesterday and now we are back on track to reach second target.
Comment: Buyers are not giving up. BTC is trying to breakout trendline. For now looks like there is more sellers on market pushing price down. Patience is required now.
Comment: BTC has formed ascending broadening wedge 1H chart. Downward breakout 73% of the time.
Comment: We will stop here for a moment. Support.
How precise should I be with lines on wedge? I don't know what to think! Also could we see a possible third peak? I've read that ascending wedge should present 3 peaks 3 valleys.

Reply
balocik XenoBiologist
@XenoBiologist, You are absolutely right. My fault - should say - is forming. I qualify this as broadening wedge because of shape, volume, and 1 missing pick. They do breakout prematurely sometimes and price is hovering near bottom for a long time suggesting that. Please remember that this will become valid ones breakout is confirmed. Another thing is - this is 1H chart so it only indicating further price direction without massive impact on BTC performance. Double Top is my main pattern with second target to still achieve. Thanks for pointing my fault. I really appreciate this as misleading people is never my goal, and comment like Yours helps improve quality of my work. TA should be absolutely objective as anything which use hard data. Well done.
Reply
@balocik, No problem whatsoever Balocik! I wasn't accusing just asking! I'm still learning myself!

I noticed it's hanging out low for a lonnnnngg time... seems very weak! These are uncertain times!

And for the double top I see it! Just not sure how low we will go! Or if we go? I mean had a inverse head and shoulders or could even be seen as a massive cup and handle from the 6k low, it should have broken up and to around 14-15k but we got fud and dumped on! Now I think people are frustrated and not sure what will happen, we could even go up!

I'm not sure how much you take into account market sentiment but the TA you do is top notch! Thanks for sharing as always!
Reply
balocik XenoBiologist
@XenoBiologist, next week G20 meeting and Japan will be telling not nice things about crypto. Sounds like another reason to drop. Plus people as so scared to buy now as price is so unstable.
Reply
Update Balocik? What do you think is going on? Looks like some support? Just I'm confused because books are so green!
Reply
balocik XenoBiologist
@XenoBiologist, Just updated.
+1 Reply
@balocik, Thanks!
Reply
Thank you for you analysis. One of the few people in here that know what they are doing. Keep up the good work.
+3 Reply
balocik DrStein
@DrStein, Thanks. That means a lot to me. :)
Reply
@DrStein, totally agree. This guy is good, logical, and humble. A lot of fake messiahs in this space
+1 Reply
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