BITCOIN Double Top Looking To Test EMA And Supports

Happy Monday! I hope you've all had a great weekend. Today is seeming to be the starting signs of a pullback to test supports and the EMA levels.

So what are the signals? Well, let's take a look...

First, we saw basically a double top. Sure, we did see a higher high, but the pattern and overall trend confirms it. We saw a rejection initially during the high volume, followed by a regrouping and slow climb to test it once again, only to find longer, slower rejection.

Additionally, we have a lowering RSI (on the 4-hr) with a "higher high" in price. The supports have all been climbing, yet volumes overall are much smaller compared to the first initial move.

EMA and price level support is extremely strong at $4,800. As such, I really expect this level to get another test here fairly soon.

Daily RSI is still over 87, so this really should likely indicate a pullback soon, especially since we haven't seen this level of daily RSI since the ATH in December of 2017, during the peak of the ATH.

Overall, it still puts us in an upward movement scenario, but a normal and natural pullback is needed and expected.

Happy Monday! Hope you all have a great week.