All articles tagged with #double top
Bitcoin's rally has stalled, forming a potential bearish double top pattern with a failure to break above $122,000, which could lead to a decline towards $100,000 if confirmed. The market is also cautious ahead of the U.S. CPI release, with technical signals indicating possible downside risk.
Tesla's stock has confirmed a bearish short-term "double-top" pattern, indicating failure by bulls, as the ensuing bounce isn't able to re-establish the uptrend. The stock's Relative Strength Index (RSI) was also showing a similar pattern of lower highs while the stock was seeing higher lows, suggesting momentum was starting to swing to the bears. The stock's selloff on Thursday has reached the next key Fibonacci retracement level, which could provide some short-term support for a bounce. The next two key retracement levels are 50.0% and 61.8%, and if a decline surpasses the 61.8% retracement level, fresh lows may be on the horizon.
Bitcoin failed to break out of its tight trading range and remained below $28,000, with traders compressing the likely zone of movement for the spot price. Analysts predict two possible outcomes for BTC/USD: a grind with EMA trend or a bleed towards 1D range low and breakdown. Some remain optimistic about Bitcoin's path for the coming year, while others eye a potential long-term "double top" formation with a drop to $27,000. Calculations call for another bullish double top for Bitcoin in 2025, potentially peaking above $200,000.