BTC: Everything points to $ 58,000🔻

Hello, dear friends! 😊I've been closely watching the Bitcoin chart and trying to find the answer to the question: what awaits us next? 🧐

I intentionally replaced the usual Japanese candlesticks with lines on the chart for clarity, so that no noise would interfere with us seeing what I want to show you. And that's the triple top pattern.📊

I know many of you wouldn't want to see further decline in Bitcoin, as it will take more time for the price to recover, but still - the importance of technical analysis patterns cannot be underestimated.🤷🏽‍♀️

A Triple Top is a chart pattern that consists of three equal highs followed by a break below support. The chart pattern is categorized as a bearish reversal pattern.

⚪️ All three highs should be reasonably equal, well-spaced, and mark clear turning points to establish resistance.

⚪️ The highs do not all have to exactly the same level but should be “close enough”.

⚪️ The Triple Top pattern is similar in appearance to the Head and Shoulders pattern, in that it is represented by a series of three high highs and lows.

⚪️ The difference is that all three highs of the Triple Top will be around the same height, while in the Head and Shoulders pattern, the second high is higher than the first and third high.

⚪️ The appearance of the Triple Top indicates the existence of an uptrend, which is currently in the process of reversing into a downtrend. Buying pressure is declining so the uptrend is running out of steam.

⚪️ While the Triple Top is developing, it can look like other chart patterns. For example, before the third high forms, the pattern may look like a Double Top.Three equal highs can also be found in an Ascending Triangle or Rectangle.

⚪️ With a Triple Top, the support level can be identified by drawing a line at the base level of the lows, which forms a “Neckline“.

Preceding trend intensity is also important. A Triple Top emerging after a steep uptrend might be expected to result in a steeper decline.

It can be concluded that there's a high probability of seeing the price at the level of $58,000 soon. 🔻Whether the price will go even lower is hard to say at the moment. Let's keep watching.👀

Thanks for Your attention🫶
Always Yours, Kateryna💙💛

הערה:

The price re-rest neckline (support zone)