• About Us
  • FAQ
Login/Registration
Blog
  • Home
  • Blog
    • Guide
    • Regulation
    • Ripple
  • Market
  • Blockchain
  • Bitcoin
  • Ethereum
  • Reviews
  • Contact Us
No Result
View All Result
  • Home
  • Blog
    • Guide
    • Regulation
    • Ripple
  • Market
  • Blockchain
  • Bitcoin
  • Ethereum
  • Reviews
  • Contact Us
No Result
View All Result
Blog
No Result
View All Result
Home Bitcoin

Bitcoin Forms Double Top Pattern On 4-Hour Chart, Analyst Reveals Targets

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


BTCUSD+1.18%
BTCUSDT+0.56%

The Bitcoin recovery has not been as impactful as expected, failing to break $60,000 even after a return of bullish momentum. Given this, expectations of a bearish reversal have become the norm as analysts do not believe that the pioneer cryptocurrency has enough steam to sustain the current momentum. One of the analysts who believe the price is destined for a downturn is Finn Oakes, who predicts a return to the $53,000 territory.

Related articles

Bitcoin Breakout Is A Trap—Analyst Predicts Pain Before $160,000 Surge

July 4, 2025

Ethereum’s comeback strategy — Foundation exec reveals what’s next

July 4, 2025

Bitcoin Forms Double Top Pattern

In the analysis that was shared on the TradingView website, crypto analyst Finn Oakes explains that the Bitcoin price has now formed a double top. This occurred after the Bitcoin price crossed the $59,000 level two times and both times, the price had failed to successfully clear this level.

This double top pattern is shown on the 4-hour hour chart, where there is a reversal pattern forming as a result of this. This double top is bearish for the price and could signal a continuation of the downtrend that began last week. In such a case, the bulls have a hard fight ahead of them.

Breaking down the double top, the crypto analyst explains that it has now shown $59,000 to be a strong resistance zone. This means for any rally to occur, the price would successfully have to beat this resistance before it is confirmed.

In contrast to the resistance level, $56,000 has now emerged as support for the Bitcoin price. This gives both bulls and bears a tight $3,000 room to fight for dominance and push the price either way. Otherwise, sideways movement could continue.

Target For The Decline

Given the formation of the double top on the 4-hour chart, the crypto analyst expects the price to drop once again. For the first scenario, where the Bitcoin price breaks below the $56,000 support, the crypto analyst expects a downtrend to the $53,000 level.

However, it doesn’t exactly end there if the downtrend is not stopped. In this case, the chart shows the price falling below the $53,000 level and moving toward $52,000. Although, this seems to be a worst case scenario as opposed to an expected target.

Furthermore, with the rising volume during the downtrend, the analyst believes this indicates that there is more selling going on in the background, something that could contribute to the price decline. “The trading volume has increased during recent down days, indicating strong selling pressure. This reinforces the current downtrend,” Oakes said.

At the time of writing, the Bitcoin price is struggling to hold the $58,000 level. However, it is still seeing 1.08% gains in the last day, according to data from Coinmarketcap.

Share76Tweet47

Related Posts

Bitcoin Breakout Is A Trap—Analyst Predicts Pain Before $160,000 Surge

by Gulfam Tasawar
July 4, 2025
0

Bitcoin may be breaking out—but don’t celebrate yet. Crypto analyst Cristian Chifoi warns that the current move is a deceptive...

Ethereum’s comeback strategy — Foundation exec reveals what’s next

by Gulfam Tasawar
July 4, 2025
0

As Ethereum marks its 10th anniversary, the platform finds itself at a critical point in its journey. In an exclusive...

Bitcoin dips to around $106,000 as traders derisk ahead of key US data releases

by Gulfam Tasawar
July 2, 2025
0

The overall crypto market declined over the past day, with bitcoin hovering around the $106,000 level as traders derisk ahead...

Bitcoin Holds Key Level Amid $108,000 Rejection, But Analysts Suggest Caution This Quarter

by Gulfam Tasawar
July 2, 2025
0

Bitcoin (BTC) attempted to reclaim the $108,000 resistance level again but faced rejection as the third quarter (Q3) started, leading...

Bloomberg Analysts Predict 95% Chance of Solana, Litecoin, XRP ETF Approvals in 2025

by Gulfam Tasawar
July 1, 2025
0

Leading Bloomberg ETF analysts Eric Balchunas and James Seyffart think that the odds of the US Securities and Exchange Commission...

Load More
  • Trending
  • Comments
  • Latest

112,000 ETH Moved To Crypto Exchanges In The Past Day — Impact On Ethereum Price?

September 27, 2024

US Commodities Regulator Beefs Up Bitcoin Futures Review

February 16, 2024

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

February 15, 2024
USD/JPY: Dollar Edges Higher Above ¥157 in Sixth Straight Day of Gains

USD/JPY: Dollar Edges Higher Above ¥157 in Sixth Straight Day of Gains

May 30, 2024

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0

Bitcoin Breakout Is A Trap—Analyst Predicts Pain Before $160,000 Surge

July 4, 2025

Ethereum’s comeback strategy — Foundation exec reveals what’s next

July 4, 2025

Bitcoin dips to around $106,000 as traders derisk ahead of key US data releases

July 2, 2025

Bitcoin Holds Key Level Amid $108,000 Rejection, But Analysts Suggest Caution This Quarter

July 2, 2025

Blog




We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.





Categories tes

  • 1w
  • 1Win AZ Casino
  • 1Win Brasil
  • 1win Brazil
  • 1win India
  • 1WIN Official In Russia
  • 1win Turkiye
  • 1win uzbekistan
  • 1winRussia
  • 1xbet Casino AZ
  • 1xbet Korea
  • 1xbet Morocco
  • 1xbet russia
  • 1xbet russian1
  • 22bet IT
  • 888starz bd
  • anonymous
  • Aviator
  • aviator brazil
  • aviator ng
  • Bankobet
  • Basaribet
  • bbrbet colombia
  • bbrbet mx
  • Bitcoin
  • bizzo casino
  • Blockchain
  • Business
  • casino
  • casino en ligne fr
  • casino onlina ca
  • casino online ar
  • casinò online it
  • casinos
  • crazy time
  • Crypto
  • Ethereum
  • Gama Casino
  • general
  • Guide
  • KaravanBet Casino
  • Kasyno Online PL
  • king johnnie
  • Market
  • Masalbet
  • mostbet hungary
  • mostbet ozbekistonda
  • Mostbet Russia
  • mostbet tr
  • online casino au
  • Pin Up Brazil
  • Pin Up Peru
  • pinco
  • plinko_pl
  • Qizilbilet
  • Ramenbet
  • Regulation
  • ricky casino australia
  • Ripple
  • se
  • slot
  • Slots
  • sweet bonanza TR
  • Uncategorized
  • verde casino hungary
  • Комета Казино
  • Швеция

Tags

Altcoin Bitcoin drops Bitcoin Wallet Cointelegraph Cryptocurrency ICO Investment Lending Market Stories Mining Bitcoin Промокоды ПокерДом при регистрации мотоцикл

Newsletter

  • About
  • FAQ
  • Contact Us

© 2024 copyright by Trading-Tracker.com

No Result
View All Result
  • Home
  • Blog
    • Guide
    • Regulation
    • Ripple
  • Market
  • Blockchain
  • Bitcoin
  • Ethereum
  • Reviews
  • Contact Us

© [current_year] copyright by Trading-Tracker.com