Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets
2024年7月11日 - 1:00PM
NEWSBTC
The Bitcoin recovery has not been as impactful as expected, failing
to break $60,000 even after a return of bullish momentum. Given
this, expectations of a bearish reversal have become the norm as
analysts do not believe that the pioneer cryptocurrency has enough
steam to sustain the current momentum. One of the analysts who
believe the price is destined for a downturn is Finn Oakes, who
predicts a return to the $53,000 territory. Bitcoin Forms Double
Top Pattern In the analysis that was shared on the TradingView
website, crypto analyst Finn Oakes explains that the Bitcoin price
has now formed a double top. This occurred after the Bitcoin price
crossed the $59,000 level two times and both times, the price had
failed to successfully clear this level. Related Reading: XRP
Price: Crypto Analyst Identifies ‘Point Of Control’ That Could See
A Repeat Of 2017 This double top pattern is shown on the 4-hour
hour chart, where there is a reversal pattern forming as a result
of this. This double top is bearish for the price and could signal
a continuation of the downtrend that began last week. In such a
case, the bulls have a hard fight ahead of them. Breaking down the
double top, the crypto analyst explains that it has now shown
$59,000 to be a strong resistance zone. This means for any rally to
occur, the price would successfully have to beat this resistance
before it is confirmed. In contrast to the resistance level,
$56,000 has now emerged as support for the Bitcoin price. This
gives both bulls and bears a tight $3,000 room to fight for
dominance and push the price either way. Otherwise, sideways
movement could continue. Target For The Decline Given the formation
of the double top on the 4-hour chart, the crypto analyst expects
the price to drop once again. For the first scenario, where the
Bitcoin price breaks below the $56,000 support, the crypto analyst
expects a downtrend to the $53,000 level. However, it doesn’t
exactly end there if the downtrend is not stopped. In this case,
the chart shows the price falling below the $53,000 level and
moving toward $52,000. Although, this seems to be a worst case
scenario as opposed to an expected target. Related Reading: Crypto
Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance
Furthermore, with the rising volume during the downtrend, the
analyst believes this indicates that there is more selling going on
in the background, something that could contribute to the price
decline. “The trading volume has increased during recent down days,
indicating strong selling pressure. This reinforces the current
downtrend,” Oakes said. At the time of writing, the Bitcoin price
is struggling to hold the $58,000 level. However, it is still
seeing 1.08% gains in the last day, according to data from
Coinmarketcap. Featured image created with Dall.E, chart from
Tradingview.com
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