Double top appears, is Bitcoin going to form an M shape?

Hello everyone, happy Monday! A new week has started, are you ready?

Let's talk about Bitcoin's situation last week. The weekly candlestick closed with upper and lower shadows, and the price tested the BBI downwards but did not break below it. This week, Bitcoin may continue to move downwards. A double top has formed near 112,000; if it faces pressure here, the market is likely to create an M shape. Therefore, personally, I do not suggest being overly bullish or chasing highs too aggressively; be cautious of the risk of pullbacks. After Bitcoin surged to a high of 110,000 at the beginning of the year, it retraced more than 30,000 points, and after finding a bottom around 76,700, it made a sharp V-shaped rebound. I am not bearish on Bitcoin, but I just want to remind everyone not to blindly chase highs when close to previous highs.

From the daily candlestick perspective of Bitcoin, the price is still under pressure from the middle band. Although last Friday saw a stop in the decline and a deep V rebound, it still failed to break through the middle band. Therefore, we cannot be overly bullish. The three large bearish candlesticks that fell before, even though last Friday saw three consecutive bullish reversals, the strength of the bullish candlesticks is getting weaker. The market is frequently switching between bullish and bearish, and the fluctuations are obvious; everyone’s mindset must be flexible. For intraday operations, it is recommended to focus on short positions.

For Bitcoin, the resistance points above to watch are 105,500 and 106,500, and short positions can be set around these levels, with targets looking down at 104,500, 103,500, and 102,500. Mid-term investors can directly hold for 100,500; if it breaks below 100,000, it can further drop to 97,000 and 93,000. This, of course, will take a long time.

Ethereum is also currently encountering resistance near the middle band of the daily candlestick. Similarly, for intraday operations, it is suggested to focus on short positions. The resistance points above to watch are 2,520 and 2,560; short positions can be arranged around these levels, with targets looking down at 2,480, 2,430, and 2,380.

The above is just my personal opinion and does not represent absolute correctness. It is common for the market to go against expectations and for stop losses to trigger, so everyone must stay clear-headed, objective, and rational, and not act too impulsively. Risk management is the most important; you must strictly control your position and set stop losses that you can accept.

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