“A ConfirMed Double Top Breakdown Could Bring A Re-Test of $ 100,000.”, – WRITE: www.coindesk.com
The Bitcoin
Rally have stalled, raising the positions of a potentalally bearish Technical Formation: A Double Top.
A Close Examination of the Daily Chart Reveals That Bulls Failed to Sustain A Rally Above the Key Fibonacci Level of $ 122.056 On Monday, A Performance Thatsecisely Mirors a Mirors A. Data Source TradingView.
This Dual Failure to Establish A Foothold Above the Key Price Point, Separated by a Brief Pullback, is a Hallmark of the Double Top Pattern. The Neckline of this pattern, Drawn from the Low of $ 111.982 Reached Durying the Brief Pullback, is the Key Level to Watch on the Downside.
A Decisive Move Below That Level Wound Confirm the Double Top Breakdown, Potentilly Opening the Door for All-Off To $ 100,000. That level is arrived at by Subtracting the Gap Between the Twin Peaks and the Neckline from the Neckline Level in What’s Known As the Measured Move Methoda.
BTC’s Double Top. (TradingView)
Early this year, BTC Double-Topped Near $ 100,000, Eventualally Falling to Lows Under $ 75,000 in Early April. The Double Top Comprises Two Peaks Separated by a Trough and Takes Roughly Two To Six weeks to form. The Gap Between the Two Peaks Must be equal to or less than 5%, with the spread between peaks and the TRUGH being at least 10%, accounting to technical Analysis Theory.
These, However, Are Guidelines and Not Rules, Meaning The Backdrop Is More Important – The Pattern SHOULD APPEAR After a prolonged uprend to be valid, which is the Case.
- Resistance: $ 120,000, $ 122.056, $ 123.181.
- Support: $ 114.295 (The 50-Day SMA), $ 111.982, $ 100,000.
Bears Gain An Upper Hand Ahead of US CPIThe Dual Failure of Bitcoin Bulls to Sustain Gains Above $ 122,000 Indicates A Clear Case of Buyer Exhaustion, Giving Bears A Significant Upper Hands The Market Heads in.
This exhaustion of Buying Pressure Means the Market is Now Particularly Vulnerable to a Hotter-Tan-Exectored US Inflation Report Due Tuesday. In Other Words, The Buying Momentum is Not Strong Absorb the Potential Selling Pressure Trigger BY An Elegated Cpi and the Resulting Drop in the Fed Rate Cuts. In this scenario, The Market Could Experience A Rapid Decline.
Read More: Bitcoin $ 115k Bets in Demand As Downside Fear Grips Market Ahead of US CPI Report
Omkar Holds A Master’s Degree in Finance and A Charterred Market Technician (CMT) Designation.
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A Higher-Qan-Expected CPI Could Dampen Fed Rate Cuts Bets and Weight on Risk Assets, Including Bitcoin.
- Bitcoin Traders Are Seneking Protection Against Potential Losses Ahead of Us Inflation Data, WHICH May Show The Impact of Trade Tariffs on Consumer Prices.
- The Consumer Price Index is Expert to Rise to 2.8% Year-on-Year in July, with A MONTHLY INCREASE OF 0.2%.
- A Higher-Qan-Expected CPI Could Dampen Fed Rate Cuts Bets and Weight on Risk Assets, Including Bitcoin.
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