Hey BTC FAM, Let's look at the chart in the bigger picture!
The double top has four main characteristics;
The first top and rejection.
The swing lower known as the neckline.
The second top (double top) and second rejection.
Confirmation with a break out the neckline.
As the chart example shows above; price makes a move higher and then rejects the first swing high. This is the first top. Price then rolls lower and finds support creating the neckline. When price moves higher and rejects the same top a second time we have the makings of a ‘double top’.
Many traders will wait for price to break the neckline for confirmation that the double top or bottom has in fact commenced.
This is not wrong, but as we discuss in just a moment you don’t have to and you can enter more aggressive trades using this pattern.
I think BTC will showe more upside action 4Q of 2022. Btc maybe could touch $188k. What do you think?
The double top has four main characteristics;
The first top and rejection.
The swing lower known as the neckline.
The second top (double top) and second rejection.
Confirmation with a break out the neckline.
As the chart example shows above; price makes a move higher and then rejects the first swing high. This is the first top. Price then rolls lower and finds support creating the neckline. When price moves higher and rejects the same top a second time we have the makings of a ‘double top’.
Many traders will wait for price to break the neckline for confirmation that the double top or bottom has in fact commenced.
This is not wrong, but as we discuss in just a moment you don’t have to and you can enter more aggressive trades using this pattern.
I think BTC will showe more upside action 4Q of 2022. Btc maybe could touch $188k. What do you think?