Hello guys!
On the 4H chart, Bitcoin has completed a double top formation. After failing to break above the 122,000 zone twice, the price rolled over and eventually broke below the neckline support.
Currently, BTC is pulling back toward the broken neckline area (112,000–113,000). This level may now act as resistance, setting up a bearish retest before continuation lower.
Key Technical Points
Scenario
If price rejects at the neckline retest, we can expect a move down toward the 105K region. A sustained break below 105K could accelerate bearish momentum, while reclaiming 113K would invalidate the pattern.
📌 Bias: Bearish below 113K, looking for continuation toward 105K.
On the 4H chart, Bitcoin has completed a double top formation. After failing to break above the 122,000 zone twice, the price rolled over and eventually broke below the neckline support.
Currently, BTC is pulling back toward the broken neckline area (112,000–113,000). This level may now act as resistance, setting up a bearish retest before continuation lower.
Key Technical Points
- Double Top: Confirmed by two failed attempts to push higher.
- Broken Neckline: Now turned into resistance.
- Target of the Pattern: Based on the structure, the projected move points toward 105,000–105,500, which also aligns with a strong demand zone.
Scenario
If price rejects at the neckline retest, we can expect a move down toward the 105K region. A sustained break below 105K could accelerate bearish momentum, while reclaiming 113K would invalidate the pattern.
📌 Bias: Bearish below 113K, looking for continuation toward 105K.
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Forex channel: t.me/melikatrader94GoldForex
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My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
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.
Proud ThinkMarkets Ambassador -> Discover & Grow: bit.ly/Think-Markets
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
------
My recommended Exchange -> YEX: bit.ly/YEX-M
------
Telegram channel: t.me/melikatrader94
Forex channel: t.me/melikatrader94GoldForex
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.