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The crypto market continued the bull run today. However, we saw little to no movement in the price of Bitcoin as the cryptocurrency mostly ranged sideways for the day.
Bitcoin has also formed a new resistance on the 15 minutes timeframe and is currently trading below it. If this level continues to hold we might see the Bitcoin double top bearish pattern currently forming on the 15 minutes chart play out soon!
This Double top pattern is very bearish and points to a potential sell-off for Bitcoin in the coming days.
On this End of Day Analysis, we will be talking about the key levels we are watching as well as what we expect might happen in the coming days.
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The Double Top Pattern
The double top pattern is very tradable and offers us key levels to watch for. And the most important level is the support line.
A break of the support line is the entry trigger we need to confirm the start of this Bitcoin bearish sell-off. As far as Bitcoin continues to trade above this support line, the bulls are still in charge of this market.
Key Support For Bitcoin!
That support line is the $44,630 price region for Bitcoin. As far as Bitcoin continues to trade above this $44,630 horizontal support, we will remain bullish on the Bitcoin price.
However, a break of this support only indicates the completion of the double top pattern and the potential price sell-off back down to the $42k price region in the coming days.
Final Verdict!
The Bitcoin price is currently forming a very bearish pattern on the 15 minutes timeframe. This pattern is a double top pattern and if completed points to a potential Bitcoin sell-off back down to the $42k price level.
However, this pattern is only valid as far as the price continues to trade below the $46,744 horizontal resistance.
A break of this $46k resistance invalidates this pattern and points to more price rallies in the coming days.
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