Bitcoin: Double Top and 14 000$ as Main Target
The buyers couldn't break 16 000$ resistance. We have a double top chart pattern that belongs to a reversal group. If the price breaks the swing low between 2 tops, the pattern will be confirmed as a trend reversal.
MACD and RSI give bearish signals. At the same time, we have a bullish trend. It is a good idea to watch for the price action at SMA50. If the price bounces from this line, we should be ready to see a new upward movement toward 16 000$ resistance.
If the price breaks SMA50, the price will be able to reach 14 000$ and SMA200. We should search for possible reversal signals in order to open new long positions.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
MACD and RSI give bearish signals. At the same time, we have a bullish trend. It is a good idea to watch for the price action at SMA50. If the price bounces from this line, we should be ready to see a new upward movement toward 16 000$ resistance.
If the price breaks SMA50, the price will be able to reach 14 000$ and SMA200. We should search for possible reversal signals in order to open new long positions.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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