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Fear Scenario In Bitcoin: Double Top Pattern

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After the spectacular exit two days ago, the eyes were turned to Bitcoin again. BTC, which has not been able to give a positive image to its investors for a long time, was welcomed by investors as it approached its prices in August 2022. Bitcoin, which gave the appearance of breaking the fall with the 9.50% rise experienced two days ago, managed to surprise its investors again by closing the day at $ 23517, which started at $ 24322 with a retreat of 3.31% yesterday.

At the time of writing, Bitcoin is trading at $23757, gaining 1.02% daily value.

Fear Scenario In Bitcoin: Double Top Pattern = Daily Token News

Bitcoin Chart Analysis

The leading cryptocurrency Bitcoin rose sharply two days ago, making investors both hopeful and happy. In my previous article, I mentioned that this could remain a “Bull Trap” in possible withdrawals in Bitcoin, which seems to break the falling. When the chart above is examined, BTC, which rose to the peak value of $ 24200 in August 2022, faced a tough sell from here. It is seen that a “Double Top” has formed in Bitcoin, which has broken back under the falling trend after this sale.

Alright, What Now?

What can happen after the “Double Top” formation discussed in the chart above? If BTC rises above the $25200 level again, this drop will only remain as a strength gathering and correction. However, if the decline continues, it is among the possible scenarios that the “Bull Trap” is set by the bears, and the fall will accelerate. If the pullbacks continue, the levels of $ 23276, EMA5, and $ 22628, EMA21, appear as the first support points.

What is the latest situation in Altcoin?

The selling pressure in the leading cryptocurrency, bitcoin, is effective on altcoins.

The latest situation in some altcoins;

  • Ethereum: up 1.63% at $1664,
  • Solano: up 1.94% at $22.68,
  • Avax: up 2.42% at $19.04,
  • Ripple: down 0.80% at $0.3883,
  • BNB: It is trading at $310, up 1.84% at the time of writing.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

You may be interested in: Ethereum Technical Analysis: Indicates Upward Targets

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