#BITCOIN ⟶ DOUBLE TOP CONFIRMED! ⟶ WHAT’S NEXT?
2024-10-14

#Bitcoin Analysis Summary
Time-frame: 1 hour

According to the previous analysis, following the growth in #Bitcoin, we encountered a significant resistance area (the bearish trend-line on the 1-hour time-frame and the static resistance at 62,755) 📊.

In the last analysis, I outlined two scenarios for the next move in #Bitcoin:
Scenario 1: Growth from this area by breaking through the mentioned resistances 📈.
Scenario 2: Another dip before forming a bottom and starting the bullish trend 🔻.

As a result, price behavior in this resistance zone should be the basis for decision-making regarding these two scenarios to catch the next move 🎯.

What we see in the chart is the formation of a double top pattern at this resistance area.
Given that the neck-line of this double top has been broken downward, this confirms the dip (based on Scenario 2) 🔽.

Targets for the dip, from short-term to long-term, are as follows:
Target 1: 60,791.86
Target 2: 59,892.41
Target 3: 57,868.51-58,410.33

Note: The third target is a significant support zone, and if reached, we can expect the beginning of a bullish trend based on Scenario 2 🚀.

Since the last dip, which led to the break of the double top neck-line, has been more gradual than the previous growth, the exact stop-loss condition for the bearish scenario and the phase shift from bearish to bullish will be provided in the lower time frames 📉➡️📈.

.............................
#Bitcoin Analysis Summary
Time-frame: 15 minutes

Following the confirmation of the dip in the 1-hour time-frame, the bearish trendlines can act as barriers to growth and re-enter the bearish phase 📉.

Stop-loss for the bearish scenario: Breaking the slower slope bearish trendline in the 15-minute time-frame will invalidate the bearish scenario and shift the trend from bearish to bullish 🚀.
