If 67k is lost and not reclaimed, Bitcoin may target a drop down to ~63k and then 60-61k (around 60.6k).
This relates to a couple of other charts previously posted:
A smaller double-top on the 4 hour chart that is already confirmed and hit TP 1, which is likely headed towards TP 2:
A daily chart that is targeting 73-75k if it can hold 60k:
This relates to a couple of other charts previously posted:
A smaller double-top on the 4 hour chart that is already confirmed and hit TP 1, which is likely headed towards TP 2:
A daily chart that is targeting 73-75k if it can hold 60k:
Trade active
Update, broke below the neckline at ~67.2k but is presently seeing a pullback above it. Lose it again and remain below to confirm the bearish 8h TF pattern. Remain above the neck to invalidate it:Trade active
Note that DXY has already done the "same" (negatively correlated) with its double-bottom on the 8h TF. It already saw a pullback after breaking above the neck, it fell below. It has since broken back above the neckline. This may indicate that Bitcoin will do the same (opposite) and break below its neckline confirming its 8h TF double-top:
Trade active
Here's a side-by-side of DXY vs Bitcoin showing the correlation described above, BTC chart is drawn slightly differently than above so targets aren't exactly the same, but close:Trade active
Approaching first target:Trade active
1st target reached:Trade closed: target reached
All targets reached, closing trade:
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.