From TradingView · · 1m
Bitcoin double top points lower
BTC has broken a local double top neckline, putting lower chart targets in play as selling pressure builds.
In brief
BTC has broken a local double top neckline, putting lower chart targets in play as selling pressure builds. The setup hinges on the neckline break. While BTC stays below it and the 100 EMA, the bearish targets remain active. Originally reported by TradingView.
Local bias turns bearish
VincePrince frames BTCUSD as bearish on the local timeframe, with pullbacks already playing out after a move lower.
“BTCUSD is considerably bearish in the local structure”
Double top completes
The chart setup centers on a major double top. BTC recently moved below its neckline, which is the confirmation level for the pattern.
“BTCUSD recently bounced below the neckline of this major double top formation”
100 EMA rejects price
BTC also failed at the red 100 EMA. The analysis treats that moving average as fresh resistance above the market.
“It also rejected off the 100-EMA in red”
Sellers may press harder
With price under the neckline and rejected at resistance, the setup points to faster selling pressure in the near term.
“BTCUSD is likely to accelerate selling pressure”
Lower targets activate
The neckline break has already triggered the lower target zones marked on the chart, according to the TradingView post.
“activated the lower target zones”
The one thing
The setup hinges on the neckline break. While BTC stays below it and the 100 EMA, the bearish targets remain active.
