We have formed double top at 11700$ approximately and compromised the neckline. Even though $8400 holds well, the pattern still holds good which can push the price to $6700. Why $6700? the Long-term trendline is at $6700.
Currently, we are trading below all the major Moving averages, 5 DMA, 20 DMA, 50 DMA,100 DMA which is a bearish sign, a Bullish sign is we are trading above the 200 DMA. But, 200DMA level has been compromised in the last few days multiple times, so we cannot take it as good support.
So the conclusion is we are testing $9400 again as of now(the Double bottom Neckline), unless we break the trendline and close above it, Bitcoin is on SELL on RISE.
Pattern length is around 22% to the top from the neckline and 22% downside is around 7200$, so the Trendline and the pattern completion could provide support around $6700-$7200.
The Entire analysis would get invalid when price Daily price close above $9400+. ================ Do you want to learn TA? We discuss everything in our group for FREE : Check my signature, please.
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Thought to Clarify, BTC fell to 8400$ and bounced back to $9400 a pullback to confirm the neckline. Unless the neckline is taken and closed above, the price will be pushed downside to $6700, we have $8400, $7500 levels in between to play the support role, but eventually, we will touch the 22-23% downside from the neckline to complete the pattern.
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Update.
*The Neckline was taken decisively. *With Resistance around 10000-10200 $, once broken, we can reach 11700$ in no time. * As this is going to be 3rd test, highly possible we would break $11700 and move to $12500
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Price heavily reacted to the 200 MA on 4 hrs, BTC surprise.
now we are trading between 200 DMA and 4 hrs 200 MA. Interesting. We have to wait for 4 hrs candle to confirm, we are in support zone.
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The double top was true, Neckline was broken true, so 22.5% from the neckline is $6700.
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maheswar81
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@LionelSen, Thanks mate. Your feedback is lot to me.
BoltyCurry
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are we looking to g back up again or is there too much downward momentum?