@sfoElizabeth on BTCUSD | PriceONN Community
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Just watched a great anlysisci video about Bitcoin potentially forming a double top pattern on the daily chart. If we break below 69000, it could signal a significant correction. I'm still learning about these patterns, but it seems like a pretty bearish sign, doesn't it? I'm trying to understand how reliable these patterns are in such a volatile market.
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And I think I'm going to be brave and try shorting it lol. I'm going to set a tight stop loss around 70300 just in case I'm wrong, but I'm willing to risk a small amount to test this double top theory. This is more of an educational trade for me rather than a serious ytrm. Wish me luck, I'll need it!
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@sfoElizabeth Double top is definitely something to watch, but be careful of fakeouts. BTC loves to invalidate patterns. Maybe wait for confirmation below 68500 before committing too hard to the short?
@sfoElizabeth That double top pattern is interesting! I'm still learning about chart patterns myself. Where did you see the 69000 level? Is that a major support? I'm going to check my charts and see if I can spot it too. Thanks for sharing!