Is that a double top I’m seeing on Bitcoin’s daily chart, or is it merely an optical illusion like a magic eye puzzle? Whether you’re a crypto enthusiast or a casual observer, the latest movements in the BTC/USD pair have sparked nerves across the market. With significant support levels at stake, could Bitcoin be on the brink of another bounce, or is it preparing for a plummet? As the charts twist and turn, keeping an eye on potential neckline breakdowns is essential for anyone involved in the crypto scene. So, what’s next for our beloved Bitcoin? Buckle up, as it might just get bumpy! LEARN MORE.Is that a double top I’m seeing on the daily time frame of bitcoin?
Or is BTC/USD still about to bounce off support and keeping moving sideways in its long-term range?
Better keep this potential neckline breakdown on your radar!
Bitcoin (BTC/USD) Daily Chart by TradingView
It hasn’t been the best of weeks for bitcoin bulls, as the recent crypto heist in Bybit and the record outflows in bitcoin ETFs have sparked major losses.
BTC/USD has formed a double top pattern on its daily time frame and appears to be breaking below the neckline support around $90K.
Is it in for more declines from here?
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
Price has closed below S1, which lined up with the neckline support zone, suggesting that a downtrend of the same height as the reversal formation could follow. In this case, stay on the lookout for further dips to the next bearish targets at S2 ($80,119) near the 200 SMA then S3 ($71,073).
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