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October 5, 2022
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Guide & Analysis

60K Bitcoin – We’re here! Just beware of the double top!

Again we have Bitcoin 60K coming out of the bearish channel (Flag)

As was said in the previous analysis, the BTC was forming a possible bullish flag, that is, it would come out of a bearish channel by breaking upwards and projecting the mast. Then?
We left the bearish channel, upwards, and have already looked for a previous top: Bitcoin 60k and now?

Graph by Tradingview

An important point on the chart is this resistance from the historic top in the $ 61,800 range. Hitting here, we have a top retest and there may be a rejection, generating a great double top.

We need to be aware of this area!

This resistance also represents a 61.8% increase in fibonacci of the mast from the previous analysis, so it is doubly reinforced. See all

We keep the fibo target of the flag: $ 69,345.

If, we have rejection and the resistance drops the price, we can have a strong drop playing the price between $ 44 and 47k.

The trend is upwards and we believe that the probability of the break is stronger, but, as we always say, Trading is not an exact science; the market is in charge.

Analysis of CointradeCx
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