BTC forming Double Top as well as testing key resistance
Two things happening right now,
1). BTC Forming Double top on 1D chart
2). A major horizontal resistance level is getting tested.
These 2 things indicate that we are going to see a pull back in the coming days, once we hit 45.5k to 46k level.
How much can we pull back?
BTC will retrace back to the trend line it broke a few days ago, that retest is essential.
Conclusion:
There is a nice short opportunity at this key level, as a pull back can be seen on charts.
1). BTC Forming Double top on 1D chart
2). A major horizontal resistance level is getting tested.
These 2 things indicate that we are going to see a pull back in the coming days, once we hit 45.5k to 46k level.
How much can we pull back?
BTC will retrace back to the trend line it broke a few days ago, that retest is essential.
Conclusion:
There is a nice short opportunity at this key level, as a pull back can be seen on charts.
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Update: If we see a consolidation happening at 45 to 46k level, then that would be a bull flag formation and it would not be wise to open short