BTC Forms Double Top- Short Opportunity here.
Very simple, I don't like to complicate things at all.
1. The blue trend line which we broke out of has sucked us back in and now we are back under it. This means our "breakout" turned out to be a "fakeout"
2. Double top formations are very easy to read. One attempt at a high, followed by a dip. Then another attempt that gets stopped at the exact same high and dips. Once you fall below the dip you've completed a double top formation. The target for this is the same distance from the dip to the top, but now it flips under. As you can see in the Chart the new target is 7k.
3. Volume on this dip was higher as you can see on the bottom.
Finally, for those of you holding ALT coins consider this- The past few weeks has been BTC up = Alts Down, BTC down = Alts Down. How can you trade this market right now unless you're shorting BTC? Fall in love with your money not your coins.
- Cryptoknight
1. The blue trend line which we broke out of has sucked us back in and now we are back under it. This means our "breakout" turned out to be a "fakeout"
2. Double top formations are very easy to read. One attempt at a high, followed by a dip. Then another attempt that gets stopped at the exact same high and dips. Once you fall below the dip you've completed a double top formation. The target for this is the same distance from the dip to the top, but now it flips under. As you can see in the Chart the new target is 7k.
3. Volume on this dip was higher as you can see on the bottom.
Finally, for those of you holding ALT coins consider this- The past few weeks has been BTC up = Alts Down, BTC down = Alts Down. How can you trade this market right now unless you're shorting BTC? Fall in love with your money not your coins.
- Cryptoknight
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