The Bitcoin price sold off massively late last week, crashing more than 40% before retracing some of those losses. The big question traders all over the world are asking is:
Is this the Bitcoin deep or should we expect to see more sell-off in the coming days?
And in this Bitcoin analysis, we will be trying to answer that question by looking at the possibilities of more sell-off to come for Bitcoin in the coming days. And the first pattern that stands out once we take a deeper look at this Bitcoin bearish scenario is the massive Double Top Pattern currently forming on the Bitcoin daily timeframe.
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Bitcoin Double Top Pattern!
The double top pattern is a bearish reversal pattern that plays out when a bull run comes to an end and we are about to see a deep retracement in the price.
Bitcoin is right now forming a massive double top pattern on the daily timeframe and this could be a telling sign that we are about to see a massive retracement in the Bitcoin price in the coming days!
Key Levels To Watch!
The most important key level to watch is the support line on the daily timeframe. This double top pattern will remain a potential pattern until Bitcoin can finally break through this level.
A breakdown like this would be the confirmation we need for a larger sell-off to begin on the Bitcoin price chart. And if it plays out, we might see a price chart that looks the same as the one below.
Note: The support line must get broken for the double top pattern we are seeing play out on Bitcoin to become valid. Until that happens this pattern might still fail.
The Bitcoin price is currently forming a massive double top pattern on the daily timeframe. If this pattern plays out there is a very high probability that we might see Bitcoin sell-off more steeply in the coming days.
But for this pattern to become valid, the Bitcoin price must breakthrough and close below the support line, until this happens this is only a potential trade setup.
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