Bitcoin (BTC) Price Analysis: A Potential Double-Top Pattern? (01-Aug)

2:51 pm, Mon, 1 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just around the support at $23,200 and is struggling to sustain the momentum it has been carrying for the past week. The price faced rejection at around $24,200 and seems to be heading towards the downside once again. It is crucial for Bitcoin to hold the support at $23,200 in the coming hours. If the price breaks below it convincingly it would confirm that the recent price pump was a fake-out. We can also expect a sell-off once the price starts closing multiple 4-hour candles below this level. Let’s take a quick look at the latest charts to see where the price could move in the coming days.

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Analyzing the Charts

If we take a look at the latest 4-hour charts we can see that the price is barely holding the support at the $23,200 mark. If Bitcoin breaks below this level in the coming hours, the next major support we will be watching for it is the $20,600 mark.

Another thing we can notice on the 4-hour timeframe is that the price is forming a potential double-top pattern that can play out in the coming days.

If this pattern successfully plays out in the coming days, we can expect Bitcoin to continue the bearish trend it is following on macro chart.

The break down target for this pattern would be around the $17,600 region. It is the lower level that price touched during the previous bottom.

Conclusion: Final Verdict on Bitcoin (BTC)

If we take a look at the latest Bitcoin charts, we can see that the price is currently struggling to gain bullish momentum. The resistance level we are watching now is still the $24,200 mark. As long as the price is trading below it, we can expect the price to drop further. If BTC closes successive 4-hour candles below the $23,200 mark, a sell-off towards the $20,600 mark is highly likely. We will also be interested in placing a short trade on Bitcoin once the price drops below $23,200 convincingly.

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