As you can see from the chart, BTC has formed a double top! Which in this case I would call a double-top reversal. This is because we have already broken the neckline at 7538, which serves as confirmation.
Now even though it appears we are moving up at this moment. I would be hesitant to say that this is the end of the correction. If you google double top patterns, you will see that it is very common for necklines to break, and then the price to retrace back up above it for a period of time. This is usually nothing other than consolidation.
As you can see that bounce went no further than the .382 fib retracement level. So at this times, a continuation downwards seems very likely.
This quick post was meant to be more of an educational post than an analysis, but I hope its the same either way. I wish you all the best of luck!
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
@oh92, or a small double top inside a huge double top on the daily chart.
Gigantos
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first of all thanks.
2nd, just to add to my education, why is it a double top and not a bullish bat?! would appreciate your advice.
oh92
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@Gigantos, Do you have a chart I could take a look at? Usually points A and C are either the .382 or .886 retracement of one another. But this could very well go bullish!
Gigantos
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@oh92, thanks a lot for the prompt reply. No charts yet since i am just beginning to learn analyzing and am trying to learn also something by reading your charts. thanks again and good luck ;)