BTC breaks the psychological $85,000 mark, kicking off the execution of the “Double Top” pattern. With a full target of $82,795. Even though it’s somehow unusual to run the target downwards rather than upwards. Literally just before this impulse, we were discussing in the chat that price has entered a range and is forming a potential new “Bullish Pennant,” against the execution of which local trends are currently — for now — working. And as we can see, they are strongly against it.
Since the last review, which warned about a fresh downtrend, another one has been added — on the 1-hour timeframe. And at this point, the second of its targets has already been completed at $84,794. The third remains at $84,306.
The expected bounce still isn’t showing up, but at the same time there are already three marks of potential lows on the 1-hour timeframe, which makes us wait a bit longer. But overall, buyers today are not in shape.
By the way, according to our horizontal levels indicator, the situation is as follows: in the event of a break of 84 132$ , the price may accelerate and quickly reach $82,790. And that, again, is close to the “Double Top” target.
Since the last review, which warned about a fresh downtrend, another one has been added — on the 1-hour timeframe. And at this point, the second of its targets has already been completed at $84,794. The third remains at $84,306.
The expected bounce still isn’t showing up, but at the same time there are already three marks of potential lows on the 1-hour timeframe, which makes us wait a bit longer. But overall, buyers today are not in shape.
By the way, according to our horizontal levels indicator, the situation is as follows: in the event of a break of 84 132$ , the price may accelerate and quickly reach $82,790. And that, again, is close to the “Double Top” target.
