{"id":628988,"date":"2024-07-11T04:00:43","date_gmt":"2024-07-11T04:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=628988"},"modified":"2024-07-10T14:11:18","modified_gmt":"2024-07-10T14:11:18","slug":"bitcoin-double-top-pattern","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-double-top-pattern\/","title":{"rendered":"Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets"},"content":{"rendered":"<p class=\"p2\">The <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/8-reasons-bitcoin-bear-phase-just-a-boogeyman\/\">Bitcoin recovery<\/a> has not been as impactful as expected, failing to break $60,000 even after a return of bullish momentum. Given this, <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-traders-beware-analyst-warns-of-potential-traps\/\">expectations of a bearish reversal<\/a> have become the norm as analysts do not believe that the pioneer cryptocurrency has enough steam to sustain the current momentum. One of the analysts who believe the price is destined for a downturn is Finn Oakes, who predicts a return to the $53,000 territory.<\/p>\n<h2 class=\"p2\">Bitcoin Forms Double Top Pattern<\/h2>\n<p class=\"p2\">In the analysis that was <a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSDT\/ZZKuqHeO-BTCUSDT-Prospects-decreased-with-two-vertices\/\" rel=\"nofollow\">shared<\/a> on the TradingView website, crypto analyst Finn Oakes explains that the Bitcoin price has now formed a double top. This occurred after the Bitcoin price crossed the $59,000 level two times and both times, the price had failed to successfully clear this level.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-price-repeat-of-2017\/\">XRP Price: Crypto Analyst Identifies \u2018Point Of Control\u2019 That Could See A Repeat Of 2017<\/a><\/div>\n<p class=\"p2\">This double top pattern is shown on the 4-hour hour chart, where there is a reversal pattern forming as a result of this. This double top is bearish for the price and could signal a continuation of the downtrend that began last week. In such a case, the bulls have a hard fight ahead of them.<\/p>\n<p class=\"p2\">Breaking down the double top, the crypto analyst explains that it has now shown $59,000 to be a strong resistance zone. This means for any rally to occur, the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-to-the-moon-300-growth-predicted-crypto-analysis\/\">price<\/a> would successfully have to beat this resistance before it is confirmed.<\/p>\n<p class=\"p2\">In contrast to the resistance level, $56,000 has now emerged as support for <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-targets-recovery-60k\/\">the Bitcoin price.<\/a> This gives both bulls and bears a tight $3,000 room to fight for dominance and push the price either way. Otherwise, sideways movement could continue.<\/p>\n<h2 class=\"p2\">Target For The Decline<\/h2>\n<p class=\"p2\">Given the formation of the double top on the 4-hour chart, the crypto analyst expects the price to drop once again. For the first scenario, where the Bitcoin price breaks below the $56,000 support, the crypto analyst expects a downtrend to the $53,000 level.<\/p>\n<p class=\"p2\">However, it doesn\u2019t exactly end there if <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/83-all-bitcoin-holders-60000\/\">the downtrend is not stopped<\/a>. In this case, the chart shows the price falling below the $53,000 level and moving toward $52,000. Although, this seems to be a worst case scenario as opposed to an expected target.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/crypto-whales-xrp-flows-binance\/\">Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance<\/a><\/div>\n<p class=\"p2\">Furthermore, with the rising volume during the downtrend, the analyst believes this indicates that there is more selling going on in the background, something that could contribute to the price decline. \u201cThe trading volume has increased during recent down days, indicating strong selling pressure. This reinforces the current downtrend,\u201d Oakes said.<\/p>\n<p class=\"p2\">At the time of writing, <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-loses-correlation-with-us-equities-as-supply-challenges-mount\/\">the Bitcoin price<\/a> is struggling to hold the $58,000 level. However, it is still seeing 1.08% gains in the last day, according to data from Coinmarketcap.<\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/6AVJY6cg\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1578\"><figcaption class=\"wp-caption-text\">BTC price drops from recovery | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin recovery has not been as impactful as expected, failing to break $60,000 even after a return of bullish momentum. Given this, expectations of a bearish reversal have become the norm as analysts do not believe that the pioneer cryptocurrency has enough steam to sustain the current momentum. One of the analysts who believe the price is destined for a downturn is Finn Oakes, who predicts a return to the $53,000 territory. Bitcoin Forms Double Top Pattern In the analysis that was shared on the TradingView website, crypto analyst Finn Oakes explains that the Bitcoin price has now formed a double top. This occurred after the Bitcoin price crossed the $59,000 level two times and both times, the price had failed to successfully clear this level. Related Reading: XRP Price: Crypto Analyst Identifies \u2018Point Of Control\u2019 That Could See A Repeat Of 2017 This double top pattern is shown on the 4-hour hour chart, where there is a reversal pattern forming as a result of this. This double top is bearish for the price and could signal a continuation of the downtrend that began last week. In such a case, the bulls have a hard fight ahead of them. Breaking down the double top, the crypto analyst explains that it has now shown $59,000 to be a strong resistance zone. This means for any rally to occur, the price would successfully have to beat this resistance before it is confirmed. In contrast to the resistance level, $56,000 has now emerged as support for the Bitcoin price. This gives both bulls and bears a tight $3,000 room to fight for dominance and push the price either way. Otherwise, sideways movement could continue. Target For The Decline Given the formation of the double top on the 4-hour chart, the crypto analyst expects the price to drop once again. For the first scenario, where the Bitcoin price breaks below the $56,000 support, the crypto analyst expects a downtrend to the $53,000 level. However, it doesn\u2019t exactly end there if the downtrend is not stopped. In this case, the chart shows the price falling below the $53,000 level and moving toward $52,000. Although, this seems to be a worst case scenario as opposed to an expected target. Related Reading: Crypto Whales Buy The Dip As $22 Million In XRP Flows Out Of Binance Furthermore, with the rising volume during the downtrend, the analyst believes this indicates that there is more selling going on in the background, something that could contribute to the price decline. \u201cThe trading volume has increased during recent down days, indicating strong selling pressure. This reinforces the current downtrend,\u201d Oakes said. At the time of writing, the Bitcoin price is struggling to hold the $58,000 level. However, it is still seeing 1.08% gains in the last day, according to data from Coinmarketcap. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":629046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-628988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets<\/title>\n<meta name=\"description\" content=\"The Bitcoin recovery has not been as impactful as expected, failing to break $60,000 even after a return of bullish 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets","url":"http:\/\/uniquehot.com\/analysis\/btc\/bitcoin-double-top-pattern\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/analysis\/btc\/bitcoin-double-top-pattern\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin-1-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin-1-1.jpeg?fit=1792%2C1024"},"articleSection":"BTC","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-07-11T04:00:43Z","datePublished":"2024-07-11T04:00:43Z","dateModified":"2024-07-11T04:00:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/analysis\\\/btc\\\/bitcoin-double-top-pattern\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/analysis\\\/btc\\\/bitcoin-double-top-pattern\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-1-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Bitcoin-1-1.jpeg?fit=1792%2C1024\"},\"articleSection\":\"BTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-07-11T04:00:43Z\",\"datePublished\":\"2024-07-11T04:00:43Z\",\"dateModified\":\"2024-07-11T04:00:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin-1-1.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/628988"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=628988"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/628988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/629046"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=628988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=628988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=628988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}