đ„đ„đ„ #bitcoinâïž Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets
Bitcoin Faces #BEARISHđ Outlook Amidst Double Top Pattern
- Bitcoin's recovery has been less impactful than anticipated, failing to surpass $60,000 despite recent bullish momentum. Analysts now foresee a potential bearish reversal, with Finn Oakes predicting a decline to around $53,000.
Double Top Formation:
- According to Finn Oakes' analysis on TradingView, Bitcoin has formed a double top pattern on the 4-hour chart. This pattern emerged after Bitcoin tested the $59,000 level twice without breaking through, indicating strong resistance at this point. The double top suggests a potential continuation of the downtrend that began last week.
Support and Resistance Levels:
- The $59,000 level is identified as a strong resistance zone, meaning any significant rally would require overcoming this barrier. Conversely, $56,000 has become a key support level. Bitcoinâs price now faces a $3,000 range where bulls and bears are vying for control. Failure to hold this support could lead to further declines.
Downward Targets:
- Oakes anticipates that if Bitcoin falls below $56,000, it could drop to $53,000. Should the downtrend persist, Bitcoin might approach $52,000, though this is considered a worst-case scenario. Increased trading volume during recent declines suggests strong selling pressure, reinforcing the bearish outlook.
- Currently, Bitcoin is struggling to maintain the $58,000 level but has recorded a 1.08% gain in the past day, according to CoinMarketCap.
Source - newsbtc.com
