If we look at the 4H chart of Bitcoin , we can see a double top chart pattern. It's a trend revesal signal which is formed at the strong resistance zone . Probably we'll see short term downward movement to 2400.00 support level at least. For realization this double top as a trend reversal pattern, the market will have to break 2400.00 support level . If price drops below this level, we'll have to be ready to downward movement to 2000.00-1900.00 support zone . After getting a confirmed reversal signal, we'll buy Bitcoin with profit target at 2900.00 resistance level . Other variant of a price movement can be as following: the market will bounce from 2400.00 level and confirm further upward movement. It will be buy opportunity with stop orders below the local swing low and profit target at 2900.00 resistance level .
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I see a break of the 2900 resistance and upward movement above 3000 this time around. The double top happened before and now we are testing the resistance again. 3000 will become the new support, with the BCH fork fud over, the coast is clear for the next bull run target to 5000 dollars
+2 Antworten
zcash(usd pair) buy oppotunity? no alt up, no bit up.

I see the potential for a upward reversal right about here. If we break $2600 I would then say that your double top thesis is in play. Until then I would argue we could be headed towards $2900 again, then on to higher highs.
is it still active, so it will drop?
+1 Antworten
Hello! Thank you for your analisys. I am quite new in the trading. I want to ask you what software or website do you use to get your charts and to draw on them?
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I think, and I've been advocating this notion, that the fork being so profitable for literally dozens of alt coins and BCC creates a perfect storm of people riding highs of the early days of this week. I think TA is mostly correct, and I use it -- But BTC has a good chance to go significantly higher in the coming days, breaking the set-up. Just a countering thought. Good work!

evanrosshackler evanrosshackler
@DLavrov also, with respect to seeing different things in TA, also important to realize that since double top and double bottom H&S are symmetrical, one will always partially set-up the other.
DLavrov evanrosshackler
@evanrosshackler, Yes, we must be ready for both variants of price movement. Thanks for your comment!
Hey Laurov thanks for the chart. But couldnt it be that we have an inverted head and shoulders at 2600/2400/2640? I also see the potential of an ascending triangle building up. Would like to have your thoughts on this one.
DLavrov arnesto1989
@arnesto1989, I see here a double top chart pattern. But it's Technical Analysis - we can see different patterns and only the market can show who is right )
+1 Antworten
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