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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Faces A Weekly Double Top; This Needs To Happen

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Bitcoin BTC

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In a recent analysis of the Bitcoin price, seasoned crypto analyst Rekt Capital discussed the looming presence of a potential double top formation on the weekly chart. The scenario paints a picture of impending volatility, with both bullish and bearish narratives emerging from this often foreboding pattern.

“The BTC Double Top still remains intact,” tweeted Rekt Capital, emphasizing the technical structure’s significance. He continues, “Weekly Bearish Divergence lends additional bearish confluence to this structure as well. More, the bear div is developing a new lower high (dotted green) relative to its primary downtrend (solid green).” However, BTC would need to drop an additional -9% to -13% from current prices to complete its potential double top.

Bitcoin weekly double top
Bitcoin weekly double top | Source: Twitter @rektcapital

But what makes this analysis particularly intriguing is the current state of Bitcoin’s volume. Rekt Capital further observes, “What’s interesting about the volume behind BTC’s price action is that the two recent peaks formed on inclining volume while the RSI formed lower highs.” For many, this simultaneous increase in volume with descending RSI hints at underlying market weakness, an insight further supported by the subsequent declining volume after the local top at approximately $31,000.

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Diving deeper in his video analysis, Rekt Capital highlighted the need for a distinct “M”-shaped formation, a hallmark of the double top pattern. “For Bitcoin to form a double top here, we have to see an ‘M’-shaped formation take place. When we see a M form, that’s essentially a double top. One top here [at $30,800] and one top here [at $31,300].”

Losing pivotal support levels could invite substantial downward movement. “Losing this [neckline] level at $26,000 as support would enable further downside,” warns the analyst. However, for traders and investors hoping for symmetrical behavior, Rekt Capital speculates, “And if we see symmetry here, a three month second part of this M could form so that’s going to prompt further downside and just slow bleeding into that 90 day-mark which would be around next month.”

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But not all is bleak. Should Bitcoin trace back to $24,000, a retracement would “see us retest the neckline of this inverse head & shoulders that we saw break out.” Rekt Capital adds, “So a retest of this level as a new support should actually enable further upside.”

Also, a look at the 1-week chart also shows that there is another scenario for the invalidation of the double top. Bitcoin has formed an ascending trendline from its low in early January. Provided BTC can hold this trendline on a weekly basis and bounce up from there (at around $28,200), an invalidation would take place. The symmetry of the M would be broken, the uptrend on the higher time frames could continue.

Bitcoin price
BTC’s trendline is still intact, 1-week chart | Source BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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