BTC: A double top has formed!
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For the past few weeks, the price has seen a semi-sharp decline, resulting in a double-top pattern. A break below the neckline would confirm this double top pattern, and lower prices are expected in the case of a break below the neckline.
However, it's important to note that if the price manages to hold above the neckline, a potential bounce could be on the horizon, offering an alternative scenario for traders to consider.
Currently, it's important to monitor the S&P500 and the dollar index (DXY) as they have been reliable indicators for BTC due to their high correlation. With rate cuts looming, a bearish scenario is anticipated, as the last time rate cuts were implemented, the markets were significantly impacted!
However, it's important to note that if the price manages to hold above the neckline, a potential bounce could be on the horizon, offering an alternative scenario for traders to consider.
Currently, it's important to monitor the S&P500 and the dollar index (DXY) as they have been reliable indicators for BTC due to their high correlation. With rate cuts looming, a bearish scenario is anticipated, as the last time rate cuts were implemented, the markets were significantly impacted!
Nota
Playing out as expected
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