Double-top may be in the cards for Bitcoin & Crypto Market
Diupdate
I feel like a recovery is well on its way here. Larger falling wedge is targeting a double-top with a slightly lower high - much of the crypto market looks the same, expecting something similar with many alts, ethereum may be an exception to this as it could stop a bit over 3k.
Although, I think it's possible it could turn into a slightly higher high to push folks into a potential run to 100k before pulling back hard.
Smaller falling wedge is testing wedge top now. May or may not see a brief pullback before we attempt to break out of it - daily RSI is near 81, while the 3 day RSI still has plenty of room to run. Smaller falling wedge breakout would target an area just above resistance.
Watch closely what DXY does here, if it manages to hold below 103, we could see a bigger recovery. If it reclaims 103 and hangs out there before moving back up again - a much shorter recovery, here's an old chart I publish with a new addition showing the case for losing 103 (original chart linked in related ideas below):
Although, I think it's possible it could turn into a slightly higher high to push folks into a potential run to 100k before pulling back hard.
Smaller falling wedge is testing wedge top now. May or may not see a brief pullback before we attempt to break out of it - daily RSI is near 81, while the 3 day RSI still has plenty of room to run. Smaller falling wedge breakout would target an area just above resistance.
Watch closely what DXY does here, if it manages to hold below 103, we could see a bigger recovery. If it reclaims 103 and hangs out there before moving back up again - a much shorter recovery, here's an old chart I publish with a new addition showing the case for losing 103 (original chart linked in related ideas below):
Catatan
Update - Bitcoin broke out of its smaller falling wedge, and has stopped at the 200 day EMA, on the dot. If we don't overtake the 200 day EMA fairly quickly here, then I'm expecting a pullback and a re-test of the top of its wedge - perhaps something like this:Catatan
Update - here's a long-term chart supporting the double-top theory as well:
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