Bitcoin has formed a double top and is prone to the dump downwards. 

Bitcoin overall is still bearish and the market is still going to turn down towards the lower lows. From the price of 27070, the market has to continue moving down till the support level of 26000. The market is in a major down trend with the formation of lower lows and lower highs. We will continue looking at sells till the market tests the support level. We are targeting another bearish markup downwards. It seems, market is making a bullish trap for the buyers as the support has become really weak and can be broken out with any jerk of the bearish move. We are looking to sell again at the price of 26300. This is a perfect breakout and retest from the resistance.

The ascending trendline has broken out and the market has already validated the price action.

The retracement level is in confluence with the resistance level at the price of 78%.

EMA 50 is bearish and just pierced the price action towards the bullish side. The EMA 50 is ranging up and down and it needs to be stable at the level.

The RSI is at 58 and the market needs to be held at the over bought region from where the technical analysis can be aligned.

Double top on Bitcoin

Sep 30 2023

Stop Loss -1.64%

Holding time 1hr

27108.60

Entry price

27552.60

Stop loss price