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Note that this pattern forms when an asset tests a resistance level twice without breaking above it. The two tops are usually separated by a moderate peak like the July 20 low around $30,000 as shown on the BTC/USD daily chart.
The double-top pattern will be confirmed if the Bitcoin price slips below the $56,000, a support level that is equal to the lows preceding the two highs. Note that a daily closure below the $56,000 psychological level will validate the BTC price correction that may trigger losses towards $30,000.
BTC/USD Daily Chart
Bitcoin Price Daily Chart. Source: Tradingview
The bearish thesis is validated by a number of technical crypto signals. These include the appearance of a sell Bitcoin signal, that occurred when the MACD line crossed below the signal line on the daily chart. Moreover, the appearance of a bearish engulfing candlestick and the movement of the RSI away from the overbought zone in the exact daily time frame validate this pessimistic outlook.
BTC Unlikely To Go Below $56,000
On-chain metrics from IntoTheBlock’s IOMAP model indicates that the Bitcoin is likely to hold above the $56,000 support wall. This support zone is within the $55,277 and $57,104 price range where approximately 1.17 million addresses previously bought roughly 633,870 BTC. Such support is robust enough to absorb most of the selling pressure, allowing bulls to focus on pushing the price higher.
Bitcoin IOMAP Chart
Bitcoin IOMAP Chart by IntoTheBlock
Lack of robust resistance on the upside shows that the Bitcoin price could have a smooth recovery. A daily close above the $61,000 psychological level and eventually a break above $62,000 will invalidate the bearish thesis fronted by the double-top pattern, propelling BTC significantly above $63,000.
Until the big crypto is able to break above this level, it may continue to consolidate until additional directional bias is revealed.
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