Bitcoin

Rekt

The Twitter user Rekt Capital, who shares technical analysis of cryptocurrency prices, tweeted an analysis of Bitcoin’s (#BTC) recent price action. Rekt Capital <a href="https://twitter.com/rektcapital/status/1700116422070866218?s=20" target="_blank" rel="noopener noreferrer nofollow">stated</a> that Bitcoin may continue to oscillate around $26,000 until the weekly close. According to the tweets, the most important factor will be where Bitcoin’s weekly close lands relative to the $26,000 level. 
In a follow-up tweet, Rekt Capital emphasized that if Bitcoin manages to hold the $26,000 level, then the “Double Top” pattern, often considered a bearish indicator, will not be validated. The expert is keenly observing how the weekly close will unfold. 
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The Double Top pattern is a technical analysis chart formation that signals a bearish reversal in an asset’s price. It is characterized by two consecutive peaks that are roughly equal in price, separated by a moderate trough. This pattern resembles the letter ‘M’. After the second peak, if the price falls below the support level (the lowest point between the two peaks), it’s generally considered a confirmation of the bearish trend. Traders often see this as an indication to sell, as it suggests that the asset has reached a high point and is likely to decline. 
In the context of Rekt Capital’s analysis, a weekly close below the $26,000 level for Bitcoin would confirm the Double Top pattern, signaling a potential bearish reversal. This makes the $26,000 level a crucial point to watch in the upcoming weekly close. 
Most recently, Rekt Capital noted that despite Bitcoin experiencing some upside beyond $26,000, it has fallen back below this level, indicating that $26,000 is still acting as a resistance point. A weekly close below this level would confirm the Double Top pattern, although such a close has not occurred yet. 
The insights from Rekt Capital suggest that the $26,000 level is a critical point for Bitcoin, and the weekly close relative to this level could provide significant clues about the cryptocurrency’s future trajectory. 
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The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/top-analyst-warns-bitcoin-could-confirm-bearish-double-top-if-weekly-close-below-this-level/">Top Analyst Warns Bitcoin Could Confirm Bearish ‘Double Top’ if Weekly Close Below This Level</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Top Analyst Warns Bitcoin Could Confirm Bearish ‘Double Top’ if Weekly Close Below This Level

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