MisterCatt

BTC/USD 'potential' Double Top in 4 hour time frame

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After being rejected from 8300 $ area twice. It's looking like a 'potential' double top formation forming in 4 hour and currently is still undecided.



while similar chart with different for 1 day chart with mixed signal so far leaning to bearish side.
what i mean by mixed signal is due to divergence not quite rhyme yet.
MACD is still have a moment to expanding although it's already give a signal that it will shifting it's volume to downside
RSI is manage to reach a similar top since previous high while it's currently in oversold area
CMF is already bearish divergence sighted


personally i expect a retracement to EMAs Line as a possible support area .

50 EMA = +-7200 $
200 EMA = +- 6300 $

currently it's still consolidating around 20 EMA in 4 hour. we will see what happen.
keep in mind this impulse movement is quite parabolic/rapid. a corrective movement also might has a similar force to downside.



please take this idea as a grain of salt as reality always differ from what i expect as this post merely just an opinion.
and please feel free to share what your thought on comment section.
peace.





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