Is there a triple top on the weekly chart?
Are we facing a possible drop at $BTC ?
The triple top in trading is a bearish reversal chart pattern that indicates a potential trend reversal from bullish to bearish. It forms when the price of an asset reaches three highs (or "tops") at the same level, before breaking the support that connects the valleys (or lows) between those peaks.
Pattern details:
Formation:
The price reaches a high (first top). Then, it retraces, but does not fall below the support (neckline). The price rises again and reaches another high (second top). Again, it retraces but does not fall below the support. Finally, the price reaches a third high (third top) at the same level as the previous ones.
Confirmation:
The pattern is confirmed when the price falls below the support that connects the valleys between the three highs (neckline).
Interpretation:
Indicates that the price is having trouble surpassing a resistance level and that sellers are gaining strength.
Possible reversal:
The break of support suggests that the bullish trend may be coming to an end and that the price may start to fall.
Considerations:
The triple top is a reversal pattern, not a guarantee of a drop, so it is important to consider other factors before trading.
The pattern can be asymmetric, meaning that the three peaks do not have to be exactly at the same level.
There are different strategies for trading the triple top, such as short selling after confirmation or using market orders.
It is important to consider the overall market context before trading with this pattern.
