We expect further downside on this pair, signalled by the double-top pattern breakout. We can also see the breakout of a key level which further supports our directional basis.
Today, we are going to look at the 240 minutes chart where a RSI BEARISH DIVERGENCE has been identified.
In addition to this signal, a potential double top formation is also in progress with its trigger level @ 41'779, just above the level of 41'705 I mentioned to watch yesterday on my DAILY ANALYSIS.
So watch now carefully ongoing price action in shorter time...
Today we are going to look carefully at the price action on the 4 hours chart which can validate or invalidate further upside as the BTC is facing an important resistance area to break on a DAILY BASIS (42'500),last closing being just below this level @ 42'235.
So, this 4 hours time frame is showing 2 important things :
1) a double top in progress with its...
We are going to look at the long term picture (monthly) which triggered, on December closing basis, a SHOOTING STAR !
(similar pattern took place in April 2020...)
Indeed, after having failed to upside breakout the monthly clouds resistance, the BTCUSD closed roughly at the bottom of the clouds.
Therefore, last month price action should be seen as the first...
DAILY : DOUBLE TOP IN PROGRESS STILL ALIVE
As mentioned in my previous analysis (see related ideas below), the recovery which took place recently was only a corrective move in a broad new bear trend which started @ ATH 69'000.
Indeed, the ongoing double top formation is still intact and a daily closing below its trigger level (@ 57'500) would be the first...
DAILY :
The Daily picture is clearly showing a double top formation in progress, its trigger level being @ 57'500; a breakout confirmed of this point would activate
this bearish formation in opening the door for a technical target @ 46'000.
Global picture is not very encouraging at all; indeed, the BTCUSD, is currently in an ongoing downtrend; meaning in a...
DAILY PICTURE :
Yesterday's closing below the Tenkan-Sen,(currently @ 64'560) and which should be seen as the first important level to look at very carefully.
Indeed, a failure, to close, later on today above this point would put the focus on the next significant support level, @ 62'700, already mentioned
in my previous analysis (see related idea below) and...
Hi guys..its the latest analyze chart of BTCUSDT in daily timeframe .Bitcoin is probably forming double top pattern.if you are interested any crypto that you want analyze with me and any questions please do not hesitate and comment below the chart!
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H4 : Last candle triggered a bearish engulfing pattern,coupled with a potential double top formation in progress
A failure to hold above TS would be the first signal on next candle closing of a confirmation of the pattern
previously mentioned.
Below watch carefully MBB, currently @ 35691 which I repeat again works very well as leading...
H1 : Last candle triggered a doji pattern, coupled with a bearish divergence and
a potential double top formation in progress (trigger level @ 34400 !)
Therefore, it is likely to see a downside move, targeting at least MBB g 34764
ahead of the 34500 area
Watch intermediate price action on M15 for confirmation of the expected above...
