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@ HoylesPattern
2025-06-11 05:48:49
Bitcoin double top called???
Noticed someone calling a double top for #bitcoin today but can’t find the post again. For those who use #gann #gann Swing Charts a double top occurs when a followed item hits a high, turns down then comes back to the same high as before and then turns down. In the #stocks and #commodities markets this generally indicates the traded item will fall in price by twice the previous fall, eg. If the stock had fallen $10 before going up again expect the price to fall around $20 from the high recently achieved.
Double tops (and bottoms) can be determined for any trading interval - including intra-day. Personally, I do daily analyses and the present analysis does not show a double top - if that had occurred we would be looking to BTC pull back to USD 90k.
Presently BTC is doing what’s called an inside day where the highs and lows of each day are within the high and low of the previous day - basically the direction is sideways and indeterminate - other factors outside of technical trading are likely to determine the next move.
I do note that at a stretch the 28 May and 7 Jun Highs would indicate on a ten-day cycle (uncommon) a double top may occur leading to a pull back to USD 90k over the next 10 days. Notably this does bring the timing close to the end of some fiscal years in a number of countries - which tends to lead to some market pull back as people choose to realise their losses and offset some gains. This would mean realising gains in BTC by exiting and then re-entering very quickly. IMHO this is a remote possibility.
Latest daily Gann Swing below ..
https://image.nostr.build/a58ed57d9b2d7269c3706b1ca4712866cbddf8f51d2bd0cd16059479722d8a89.jpg