Stock Market

Bitcoin Analyze (Double Top ⚔️VS⚔️ Inverted Head and Shoulders) for BINANCE:BTCUSDT by pejman_zwin

As you know, Technical analysis has many complex tools; today, I want to analyze Bitcoin using the simplest ones, such as trendlines and classic patterns in the weekly time frame.

If you take a look at the chart closely, you see two patterns in the Bitcoin chart:

Now let’s see which of these patterns will succeed in the battle and reach the target without fail. Which one do you think will raise its 🏳️white flag🏳️ and surrender in battle?

I’m now diving into the chart ⚔️battle square⚔️:

The Double Top pattern has 4 types, which can be seen in this chart, Eve and Adam, which is the weakest state of this pattern.

Another pattern I see is the Inverted Head and Shoulders pattern, which has broken the neckline here and reached the 🔴resistance zone ($32,400-$28,120)🔴 & resistance line.

The resistance and support lines have also worked well and reacted every time the price hits them. It’s a good sign for these shields to be strong enough.

The point is that in the weekly time frame, after the neckline of the inverted head and shoulders pattern, Bitcoin has reached the resistance zone for the first time and is not expected to break this zone within its first encounter.

🔔There are scenarios, as always which I’ll point out:

⬇️This whole movement so far can be a pullback to the double top pattern neckline. Therefore, it is expected that Bitcoin will have a fall to the neckline of the inverted head and shoulders pattern. If this drop happens sharply and is accompanied by high volume , the inverted head and shoulders pattern will likely fail, the winner will be the double-top pattern, and Bitcoin will fall to the🟢support zone ($19,950-$17,530)🟢 & support line.

⬆️Suppose this movement is with a gentle slope and low volume . In that case, it will be confirmed as a neckline pullback of the inverted head and shoulders pattern, and my expectation is that Bitcoin will grow after the pullback and attack the resistance zone & resistance line ahead. If this happens, there is a possibility of breaking the resistance zone & resistance line, and the price of Bitcoin can reach 🟣the inverted head and shoulders pattern’s target($40,780)🟣.

Which of the patterns do you think will win the battle❗️❓


Bitcoin Analyze ( BTCUSDT ), Weekly Time frame⏰.

Do not forget to put Stop loss for your positions (For every position that you want to open).

Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.

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