This is starting to look really ugly for bitcoin now as we are testing the neckline of what appears to be an upward slanted adam and eve double top. If we are to trigger the breakdown here we have a target of 4600-4700 which would be a horrible sign for btc as it would suggest a lower low from are most recent bottom is in store for price action. However we must remember it was this same time of year in 2018 where we were charting an adam and eve double bottom and it too went all the way to the neckline acted like it was goign to complete only to fakeout at the very last minute and destroy countless longs positions along the way....so learnign from recent history, there is still a very real possibility this pattern could be trying to accumulate as many shorts as possible here at the neckline in order to confirm a fakeout out the last minute and wreck a ton of shorts like it rekt all those longs in 2018...for this reason we must remain level headed here not buy into the FUD and wait for clear confirmation of either the breakdown or the fakeout. the eve portion of this potential double top is also an upward slanted 4hr chart inverse cup and handle so if only that portion of the double top pattern were to validate it in itself has a breakdown target of 5k. I personally think however it is either going to validate the entire double top or nothing at all if it confirms the fakeout. If it confirms breakdown target = 4.6k. For now we are still in the fakeout zone.
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our* not *are* voice -to-text fail.
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currently retesting the neckline if it flips the neckline back to solidified support then the fakeout will likely be confirmed.
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fakeout appears to be confirming with a couple big reversal candles here.
4600 wouldnt be a lower low at all. it would be a healthy low. i dont want to see lower than that, but youre dramatizing....
this is normal retracement right now and 100% expected good behavior.
DrDovetail
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@Efpi, it would definitely be a 4hr chart lower low...we would have to dip below 3.8k or so I below to get a lower low on the daily chart however what I was trying to say is that if we went down to 4.6k we would be securing a lower high on the 1 day chart which tends to indicated that after we lock in a lower high on the daily the odds of a follow up lower low(below 3.8k) increase exponentially so yes if we dip to 4600 probability definitely favors us dipping below 3.8k before the trend reversal to a lower low on the 1 day chart.
DrDovetail
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@Efpi, However I'm thinking now after observing the adam and eve double bottom fakeout pattern from 2018 around this exact same time of year it is very probable to see this adam and eve double top end the exact same way. As a fakeout.
DrDovetail
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@DrDovetail, looks thats exactly what we're seeing now an adam and eve double top fakeout.