Good morning, today we are going to look at the daily picture. Being in a broad uptrend channel (in green) since the lows (double bottom around 29'000), the BTCUSD, from, its recent upside breakout of the clouds is currently in a more steeper uptrend channel; in making, yesterday, an intraday high @ 55'800 (acceleration triggered by the breakout of the former high @ 52'810). Interesting to note that recent and current price action is showing the formation of a potential double top pattern !! Upcoming D1 closing levels should then, be watched very carefully as, currently, the BTC/USD is, also, attempting to breakout the upside of the new uptrend channel (in orange), which recently took place. As long, as the BTCUSD, stays and hold sustainably above 53'433 on a daily closing basis, the picture will remain OK in supporting the ongoing upside move and will open the door for higher levels towards 58'000/58500 (cluster 2 channels resistances !) On the other hand, a failure to do it would be the first warning signal of a reversal (Dark cloud cover); stronger bearish signal would be given by a breakout of the 51'500 (Bearish engulfing pattern). Looking briefly to the weekly picture, the upside breakout of the downtrend line resistance is in progress and should be confirmed by the next weekly closing level in the next couple of days and last but not least also validated by the lagging span which also should breakout the 60'000 area (former weekly closing level) CONCLUSION : As always, I strongly suggest to monitor closely, shorter intraday time frames which will help you to detect early signal (s) from the very short term pictures which, of course, should be validated by higher time unit !!! Have a great day. All the best. Take care Ironman8848
top one:52900
top two: 55600
so where is the double top!?
Ironman8848
⋅
@American_Crypto, for the time being there is "only" a potential double top in progress ! As you know, such kind of formation, in order to be validated, should be confirmed by a breakout of the trigger level, which in this case is. for the time being, quite far away from current level (former low on a daily basis @ 39573) ... In the meantime, shorter time frames will help you to validate or invalidate such kind of potential scenarios. Good luck and have fun :-)
American_Crypto
⋅
@Ironman8848, I do not know what you say, I do not see any initial condition for being double top. confirmation is for the end. the current candle close more above 52900. it is broken, I do not know what you say, finally good luck.
top two: 55600
so where is the double top!?