2021/10/07 6:57 AM – D1 -WARNING – POTENTIAL DOUBLE TOP IN PROGRESS !!!

BTCUSD – D1 – WARNING – POTENTIAL DOUBLE TOP IN PROGRESS !!! by Ironman8848 on TradingView.com

Good morning, today we are going to look at the daily picture.


Being in a broad uptrend channel (in green) since the lows ( double bottom around 29’000), the BTCUSD ,
from, its recent upside breakout of the clouds is currently in a more steeper uptrend channel ; in making,
yesterday, an intraday high @ 55’800 (acceleration triggered by the breakout of the former high @ 52’810).
Interesting to note that recent and current price action is showing the formation of a potential double top pattern !!


Upcoming D1 closing levels should then, be watched very carefully as, currently, the BTC /USD is, also, attempting to breakout the upside of the new uptrend channel (in orange), which recently took place.
As long, as the BTCUSD , stays and hold sustainably above 53’433 on a daily closing basis, the picture will remain OK in supportingthe ongoing upside move and will open the door for higher levels towards 58’000/58500 (cluster 2 channels resistances !)


On the other hand, a failure to do it would be the first warning signal of a reversal (Dark cloud cover); stronger bearish signalwould be given by a breakout of the 51’500 ( Bearish engulfing pattern).


Looking briefly to the weekly picture, the upside breakout of the downtrend line resistance is in progress and should be confirmed by the next weekly closing level in the next couple of days and last but not least also validated by the lagging span which also should breakoutthe 60’000 area (former weekly closing level)

CONCLUSION :

As always, I strongly suggest to monitor closely, shorter intraday time frames which will help you to detect early signal (s) from the very short term pictures which, of course, should be validated by higher time unit !!!

Have a great day.

All the best.

Take care

Ironman8848

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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