Warning! $BTC double top formation, countdown to a crash?
Brothers, today’s market is a bit subtle, we need to analyze it carefully! The hourly chart during the day moved slowly, with prices continuously declining, and suddenly the CPI data released a small firework, pushing prices up a bit.
Unfortunately, after the U.S. stock market opened, this surge was like a deflated balloon, it just went limp, and now it’s back on the old path of fluctuating downwards.
If you ask me, this rebound is likely just a false signal, and it might have to drop further. Let’s see if the 107000 support level on the 4-hour chart can hold up.
The daily line closed with a small bearish candle, which looks harmless at first glance, but upon closer inspection, the trading volume has clearly shrunk—prices have risen, but fewer people are buying, which is not a good sign.
Although the price is still above the MA30 moving average, the flattening trend of this moving average makes me feel uneasy. The next two days are very crucial; if we continue to see bearish candles, the MACD indicator is likely to go from “out of breath” to “completely flat,” and at that point, the double top structure on the daily chart will be confirmed, leading to a potential price plunge.
The current market sentiment is quite divided, the greed index has soared to 78, a high-risk zone, historically this often indicates that a trend change is not far off.
However, it must be said that the current market is different from the past two years; institutional funds and macro liquidity are still supporting the market, and if it drops, it could be another opportunity.
In short, closing below 105000 on the weekly chart is a death signal, and the fairy tale of six consecutive monthly gains should wake up!
Are you stuck in a position? When will you bottom fish? Still the same saying, if you are confused and helpless and don’t know what to do, click on the avatar to comment. I need fans, you need references.
