Hey guys,
Long time no see (:
I wanted to take a look at BTC in a very long term, on the monthly chart.
And immediately I noticed a double top pattern formation drawing possibility.
First top was around 65K with a volume of almost 2 million. We had a retrace to the neck after that.
Second top was at 69K with a volume of around 1.3 million. And now we're still in retrace mode.
Consider the pattern, the conditions seem like met. A higher price second top with a lower volume.
In my opinion, until we see a price move above 69K, this double top pattern has a lot of potential to work out.
So we better watch closely for the next couple of months.
If the price comes to near 30K within the next couple of months, we can see it as the confirmation of the pattern.
And only after that it will be very likely to hit 19-13K area, to complete and end the formation where it all began.
Cheers.
PS: Not a financial advise. Always DYOR. Stay safe and happy new year!
Long time no see (:
I wanted to take a look at BTC in a very long term, on the monthly chart.
And immediately I noticed a double top pattern formation drawing possibility.
First top was around 65K with a volume of almost 2 million. We had a retrace to the neck after that.
Second top was at 69K with a volume of around 1.3 million. And now we're still in retrace mode.
Consider the pattern, the conditions seem like met. A higher price second top with a lower volume.
In my opinion, until we see a price move above 69K, this double top pattern has a lot of potential to work out.
So we better watch closely for the next couple of months.
If the price comes to near 30K within the next couple of months, we can see it as the confirmation of the pattern.
And only after that it will be very likely to hit 19-13K area, to complete and end the formation where it all began.
Cheers.
PS: Not a financial advise. Always DYOR. Stay safe and happy new year!
