BTC: A double top has formed!

18 Jun 2024

For the past few weeks, the price has seen a semi-sharp decline, resulting in a double-top pattern. A break below the neckline would confirm this double top pattern, and lower prices are expected in the case of a break below the neckline.
However, it's important to note that if the price manages to hold above the neckline, a potential bounce could be on the horizon, offering an alternative scenario for traders to consider.
Currently, it's important to monitor the S&P500 and the dollar index (DXY) as they have been reliable indicators for BTC due to their high correlation. With rate cuts looming, a bearish scenario is anticipated, as the last time rate cuts were implemented, the markets were significantly impacted!

24 Jun 2024

Catatan

Playing out as expected