BITCOIN (BTC): Beware of The DOUBLE TOP Pattern

in bitcoin •  last year

Bitcoin (BTC) has all the classic trajectory to putting in a Double Top, Bearish Reversal, Pattern. The second top forms as a repeated attempt to generate a new high but either fail before or puts in a marginable higher high. It's a serious reversal pattern and to be watched carefully. Place safety stop limits because once a reversal is triggered, the price goes down swiftly.

Haejin is now adamantly saying: NOW is NOT the time to be taking BUYING actions with Bitcoin but Profit Taking SELL Actions!!! Soon, Haejin will be pounding the table with this message.

The decline from this Double Top could retrace to $2,024 or 0.618 (61.8%) fibbonacci level.

( @ChangeforaBuck was astute to identify this double top pattern potential in the comments...good eye!)

Here is a didactic explanation of the Double Top Technical Pattern:

http://tutorials.topstockresearch.com/TutorialsOnDoubleTopChartPattern/TutorialOnDoubleTopPattern.html

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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**

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Double tops do not represent 40% of underlying value. If dbl top target would be $1000

https://twitter.com/PeterLBrandt/status/917748810989707264

Hmm..

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To each its own. I disagree.

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This is very basic , the tops have to be separated by at least a month and they are , if it hits roughly the same area as previous high and retraces its a double top ...
Care to to explain or you just copy paste someone elses thoughts ?

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See the quotation markdown and source

edit: This isn't a knock towards you or haejin. Peter is a pretty respectable trader on twitter so I'm just passin on info to see how two experienced TAs see things differently.

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Thanks for the info .!
I’m definitely not in Peters and Haejin league..
Also not sure what Peters message is ?

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Peter doesn't see it as a double top because it doesn't fit his rules, whatever that may be (twitter doesn't allow a lot of room to explain). He was saying on twitter talking to haejin that it was "too extreme" to be a double top and a few other things.

Haejin's rebuttled with his fractal proposal which is very interesting, I haven't done any historical research on using fractals like that but it definitely is an Elliot Wave thing. Just here observing and learning.

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gotcha, those are his rules and he might be strict with them
but a simple search on google on double tops will show that this pattern and time it took to form fits ..we could easily break out to the upside but don't think so based on haejin a b c d e wave ,,,the e fits perfect with the double top ...so we should see a correction soon,,
what do I know really ??
good luck!!

So this has replaced targets of a few hours ago and yesterday’s post on laddering sells etc? I’m slightly confused. Did you just miss this, or is this a different interpretation

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No, all same. I'm just having a cautionary eye on the possibility of Alts not having a full chance to go green if BTC turns down too quickly.

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Ok so still aiming for 5k plus but with one eye on the possibility of a crash! Thanks for confirming.

Thanks Haejin for being so bold and warning people ! I hope people take your advice on board and dont get carried away with FOMO and promise of free bitcoin. Will resteem and upvote to get the message out !

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Well said...upvoted comment!

Just sold my altcoins and Bitcoin! (It's ok to sit this one out on the Altcoins and just watch. Sidelines as USD cash is often a great place to be).

Hmm. I figured people would keep buying it until the fork. Good to know!

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I think the people who do not follow Haejin will do exactly that to get free Bitcoin Gold. Problem is in waiting for that the price may crash before the 25th and people could be left with huge losses.

I'm taking heed of Haejin sell actions (laddered of course)

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They have been dumping alts to buy BTC at high prices... the estimated BTG price is about 0.1BTC. Personally, I don't think it will trade over BCH. So yes... I agree they are going to take losses. It's like paying 15 bucks to get a free beer with your 10 buck burger... and the beer costs 3.

Thanks for the update.

Thank you for another excellent technical analysis.

Great share, thanks!

Haejin, I was wondering if you could take a look at the coins of LISK and RISE and compare them to Ark. Your analysis on Ark was a very good breakdown of the dynamic patterns of that coin. I had a position in Ark that I sold off, and then laddering back in yesterday and am enjoying the positive slope of the coin. Thank you.

I wonder if this will cancel the $44 projection for Neo...

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I think so. The usual magnetic effect BTC has on alts will probably happen.

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Yes, possible. I'm keeping an eye on it.

Thanks for the update information in bitcoin. I like bitcoin.
upvoted.

Sold my BTC and made some profit nonetheless , so it's ok... now waiting for a dip or the fork, whatever happens first :)

If there is a downturn in BTC, look for major downturns in all the altcoins. Be careful in where you place your money. Fiat may be a good choice? Tether?

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I don't like USDT. It's not 1;1 to USD when it should be. I've seen as much as 30% arbitrage.
USD Cash will be king safety

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Thanks for the mention!

Hi Haejin,

I was wondering if you could take a look at Agrello, "DLT". It's another fairly young ICO so I'm not sure how much data is avail.

Very nice analysis, thanks. Let me point out why I disagree, sort of. We haven't seen the second top yet, the price can still go higher. The daily RSI is at 67 and Bitcoin doesn't change trend before it gets close to 80. Also MACD doesn't suggest the end of the rising trend though it can be within few days.

btc1.PNG

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off course it hasn't happen ,
Haejin and I spotted it before it might happen and to be aware ...
double top and end of A can be same..

Exciting moment approaching!

thank you for these informations really liked this post

That's an excellent analysis. Thanks for Resteemed @cryptoninja

Useful info.

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This old blog..please read the newest analysis.

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Sure. Thanks

Thank Mr Haejin.