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Bitcoin Faces A Weekly Double Top; This Needs To Happen

Jake Simmons by Jake Simmons
1 month ago
in Bitcoin
Reading Time: 2 mins read

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.

Related Reading: Early Signs Of Life: Why Bitcoin Is Likely To Move Away From $30,000 Soon

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.”

Related Reading: SEC Approval Could Propel Bitcoin To New Heights: Analyst Forecasts $150,000 Clearing Price

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
Tags: bitcoinbtcbtcusddouble top
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Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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