let's start to analyze #Bitcoin
• Double Top Formation:
The chart clearly indicates a double-top pattern, which is a bearish reversal pattern. This suggests that the price might face downward pressure in the short term.
• Support and Resistance Levels:
The price faced resistance around the 68,000 USDT mark and failed to break through, forming the double top & The purple-shaded areas around 65,000 USDT and 64,500USDT mark potential support levels where the price might find some buying interest.
• Breakout and Retest:
The price has broken below the neckline of the double top pattern and is currently retesting this level. A further decline towards the lower support levels is likely if the retest confirms the resistance.
• Trend Lines:
An upward trend line has been broken, indicating a shift from bullish to bearish sentiment in the short term.
• Bearish Scenario:
If the price fails to reclaim the neckline and the support at 65,000 USDT doesn't hold, it could drop further to the next support around 64,500 USDT.
• Bullish Scenario: If the price manages to break back above the neckline and sustain the momentum, it might retest the recent highs of around 68,000 USDT.
