BTC 30m forming Double Top on VPVR POC and Trend Waves
Double Top is a bearish formation. In this case, it's being formed on the Point Of Control (POC) as a neckline, the strongest support/resistance on Volume Profile Visible Range (VPVR), which shows what price bulls and bears fought the most.
If this formation breaks the neckline, the potential target price is exactly 26000.
We can predict the potential target by measuring the higher Top to the neckline and transferring it below it. As you can see, a gap in VPVR will enable this price drop if the neckline breaks down.
We also have a double top on the waves at the bottom to support this formation, meaning the trend waves, strength, and candles tell the same story.
Keep in mind low volume and possible manipulation in every decision you make in the low-volume market.
If this formation breaks the neckline, the potential target price is exactly 26000.
We can predict the potential target by measuring the higher Top to the neckline and transferring it below it. As you can see, a gap in VPVR will enable this price drop if the neckline breaks down.
We also have a double top on the waves at the bottom to support this formation, meaning the trend waves, strength, and candles tell the same story.
Keep in mind low volume and possible manipulation in every decision you make in the low-volume market.
Trade closed: target reached:
We went below 26k because of the gap on VPVR on the bigger timeframe that had no significant support on 26k. But Double Top did Its job both on the candles and the waves.