This easy Adam & Eve Top can give traders a high profit short sale opportunity. The price usually don't draw a third high prior to entering a bear market.
Comment:
Everything as expected, the price is struggling at the resistance and currently losing the EMA50 on the hourly chart.
Comment:
The very strong support of the EMA50 on the hourly chart, that allowed the price to go from under 25k to over 31k, was confirmed as lost. Probably we are gonna see a bearish weekend.
Comment:
On the weekly timeframe, there is a notable bearish divergence coinciding with the occurrence of the double-top pattern.
Comment:
The bears are now in control and they are probably eyeing the big liquidity around 27K and especially 24K.
Comment:
Even if this second top looks not anymore like an "Adam", it remains a second from the double top and I expect at least 24K to see.
Trade closed: target reached:
I think we can conclude that this idea was successful.