I've noticed BTC forming a somewhat clear Double Top on Daily and Weekly Charts, a thousand ideas covering this figure were probably posted on January 21st, but here's my iteration.
Logically the price is heading towards a long term Support channel between $31k and $29k.
If Support Channel doesn't hold, next line of defense is the Golden Pocket, Fibonacci Retracement taken from March 13th 2020 to November 10th 2021.
Double Top is yet to be validated by reaching the Support Channel, timeline is also unclear. I'm expecting a few traps along the way, so be vigilant and don't be tricked by a whipsaw.
My best educated guess for the S/R and Golden Pocket levels:
Golden Pocket
0.618 (28695.36)
0.65 (26608.38)
Support $31003.10 to $29285.05
Resistance $41341.89 to $39623.84
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
P.S. Hopefully this ages well :)
BTCUSDT
BTCUSD.P
BTCUSD
BYBIT:BTCUSD
Logically the price is heading towards a long term Support channel between $31k and $29k.
If Support Channel doesn't hold, next line of defense is the Golden Pocket, Fibonacci Retracement taken from March 13th 2020 to November 10th 2021.
Double Top is yet to be validated by reaching the Support Channel, timeline is also unclear. I'm expecting a few traps along the way, so be vigilant and don't be tricked by a whipsaw.
My best educated guess for the S/R and Golden Pocket levels:
Golden Pocket
0.618 (28695.36)
0.65 (26608.38)
Support $31003.10 to $29285.05
Resistance $41341.89 to $39623.84
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
P.S. Hopefully this ages well :)
BTCUSDT
BTCUSD.P
BTCUSD
BYBIT:BTCUSD
