{"id":548163,"date":"2023-08-21T07:45:10","date_gmt":"2023-08-21T07:45:10","guid":{"rendered":"https:\/\/wncen.com\/?p=548163"},"modified":"2024-06-11T08:45:06","modified_gmt":"2024-06-11T08:45:06","slug":"bitcoin-weekly-chart-double-top-market-shifts-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-weekly-chart-double-top-market-shifts-ahead\/","title":{"rendered":"Bitcoin Weekly Chart Completes Double Top: Market Shifts Ahead?"},"content":{"rendered":"

In the wake of the recent crash in Bitcoin’s price, analysts have been rife with speculation about the market’s next steps. The BTC price briefly dipped to a low of $24,800 last week, and with the Bitcoin fear and greed index plunging from neutral to 38 (indicating fear), market sentiment is palpable. Renowned analyst Rekt Capital weighed in on the situation, offering a thorough technical breakdown.<\/p>\n

“BTC is officially at the base of the double top. The double top has completed,” states Rekt Capital. Highlighting the market’s current vulnerability, the analyst continues, “Downside wicking below ~$26,000 like in mid-June will occur. But a Weekly Close below ~$26,000 is what would validate the double top and start breakdown continuation.”<\/p>\n

Related Reading: Bitcoin Faces A Weekly Double Top; This Needs To Happen<\/a><\/div>\n

Though the double top’s completion has ratcheted up bearish sentiment, there’s no definitive breakdown yet. “BTC has completed the double top but still no breakdown confirmation as BTC holds ~$26k support,” Rekt Capital adds. The scenario becomes even more intriguing as “seller volume has increased in recent days.” The analysis reveals that the “seller volume would need to increase by about +30%” to match the sell-side volume Bitcoin saw during previous price reversals.<\/p>\n

\"Bitcoin
Bitcoin double top | Source: Twitter @rektcapital<\/figcaption><\/figure>\n

Drawing attention to Bitcoin’s volume dynamics, Rekt Capital elucidates, “BTC formed its higher high at ~$31,000 on inclining volume. But price formed the second half of its double top on declining volume.” Even though there was a spike in selling volume during the recent crash, it remains far from the seller exhaustion volume levels seen during previous BTC reversals. As the analyst starkly puts it, the current “seller volume would need to probably double” to mirror the levels that triggered price turnarounds in March and June.<\/p>\n

Remarkably, yesterday’s weekly close saw Bitcoin failing to retain support above key bull market moving averages, including the 21-week EMA, 50-week EMA, and 200-week MA. “All of these bullish momentum indicators were confirmed as lost support with the weekly close yesterday,” the analysis points out.<\/p>\n

How Low Will Bitcoin Price Drop?<\/h2>\n

In terms of future projections, Rekt Capital speculates that if the double top’s base at $26,000 is lost, it could propel a move towards $22,000. The analyst elucidates that “if we see a weekly close below $26,000, followed by a rejection from $26,000, then we probably see a confirmed breakdown from this double top.”<\/p>\n

Related Reading: Bitcoin Bulls Beware: Sub $20,000 Nightmare Looms, Analyst Foresees Extended Downturn<\/a><\/div>\n

However, every bearish note comes with a caveat. Rekt Capital adds, “It’s really easy to get caught up in bearish euphoria… So it’s really important not to get caught in these downside wicks (below $26,000).” And for those seeking potential bullish scenarios, the analyst has one in mind: “Even if we break down from this double top… one of the main areas is this inverse head and shoulders formation that we saw play out earlier this year.” A retest of this pattern’s neckline, roughly around $24,000, could spell bullish prospects for the premier cryptocurrency.<\/p>\n

Historical data also lends a hand in making sense of Bitcoin’s trajectory. “A drawdown of 18% to $24,000 would be totally normal for an August month,” the analyst shares, reminding investors that Bitcoin has often underperformed in August. Drawing parallels with 2015, Rekt Capital argues that Bitcoin also approached a halving and lost 18% in August, suggesting that history might repeat, especially with the next halving anticipated in April of the coming year.<\/p>\n

At press time, the BTC price was at $26,069.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In the wake of the recent crash in Bitcoin’s price, analysts have been rife with speculation about the market’s next steps. The BTC price briefly dipped to a low of $24,800 last week, and with the Bitcoin fear and greed index plunging from neutral to 38 (indicating fear), market sentiment is palpable. Renowned analyst Rekt Capital weighed in on the situation, offering a thorough technical breakdown. “BTC is officially at the base of the double top. The double top has completed,” states Rekt Capital. Highlighting the market’s current vulnerability, the analyst continues, “Downside wicking below ~$26,000 like in mid-June will occur. But a Weekly Close below ~$26,000 is what would validate the double top and start breakdown continuation.” Related Reading: Bitcoin Faces A Weekly Double Top; This Needs To Happen Though the double top’s completion has ratcheted up bearish sentiment, there’s no definitive breakdown yet. “BTC has completed the double top but still no breakdown confirmation as BTC holds ~$26k support,” Rekt Capital adds. The scenario becomes even more intriguing as “seller volume has increased in recent days.” The analysis reveals that the “seller volume would need to increase by about +30%” to match the sell-side volume Bitcoin saw during previous price reversals. Drawing attention to Bitcoin’s volume dynamics, Rekt Capital elucidates, “BTC formed its higher high at ~$31,000 on inclining volume. But price formed the second half of its double top on declining volume.” Even though there was a spike in selling volume during the recent crash, it remains far from the seller exhaustion volume levels seen during previous BTC reversals. As the analyst starkly puts it, the current “seller volume would need to probably double” to mirror the levels that triggered price turnarounds in March and June. Remarkably, yesterday’s weekly close saw Bitcoin failing to retain support above key bull market moving averages, including the 21-week EMA, 50-week EMA, and 200-week MA. “All of these bullish momentum indicators were confirmed as lost support with the weekly close yesterday,” the analysis points out. How Low Will Bitcoin Price Drop? In terms of future projections, Rekt Capital speculates that if the double top’s base at $26,000 is lost, it could propel a move towards $22,000. The analyst elucidates that “if we see a weekly close below $26,000, followed by a rejection from $26,000, then we probably see a confirmed breakdown from this double top.” Related Reading: Bitcoin Bulls Beware: Sub $20,000 Nightmare Looms, Analyst Foresees Extended Downturn However, every bearish note comes with a caveat. Rekt Capital adds, “It’s really easy to get caught up in bearish euphoria… So it’s really important not to get caught in these downside wicks (below $26,000).” And for those seeking potential bullish scenarios, the analyst has one in mind: “Even if we break down from this double top… one of the main areas is this inverse head and shoulders formation that we saw play out earlier this year.” A retest of this pattern’s neckline, roughly around $24,000, could spell bullish prospects for the premier cryptocurrency. Historical data also lends a hand in making sense of Bitcoin’s trajectory. “A drawdown of 18% to $24,000 would be totally normal for an August month,” the analyst shares, reminding investors that Bitcoin has often underperformed in August. Drawing parallels with 2015, Rekt Capital argues that Bitcoin also approached a halving and lost 18% in August, suggesting that history might repeat, especially with the next halving anticipated in April of the coming year. At press time, the BTC price was at $26,069. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":548167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,89163,1119,1144,4751],"class_list":["post-548163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-double-top","tag-btc","tag-btcusd","tag-double-top-pattern"],"acf":[],"yoast_head":"\nBitcoin Weekly Chart Completes Double Top: Market Shifts Ahead?<\/title>\n<meta name=\"description\" content=\"In the wake of the recent crash in Bitcoin's price, analysts have been rife with speculation about the market's next steps. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Weekly Chart Completes Double Top: Market Shifts Ahead?","url":"http:\/\/wncen.com\/news\/bitcoin-weekly-chart-double-top-market-shifts-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-weekly-chart-double-top-market-shifts-ahead\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1356849427.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1356849427.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin double top","btc","btcusd","double top pattern"],"dateCreated":"2023-08-21T07:45:10Z","datePublished":"2023-08-21T07:45:10Z","dateModified":"2024-06-11T08:45:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Weekly Chart Completes Double Top: Market Shifts Ahead?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-weekly-chart-double-top-market-shifts-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-weekly-chart-double-top-market-shifts-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1356849427.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1356849427.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin double top\",\"btc\",\"btcusd\",\"double top pattern\"],\"dateCreated\":\"2023-08-21T07:45:10Z\",\"datePublished\":\"2023-08-21T07:45:10Z\",\"dateModified\":\"2024-06-11T08:45:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1356849427.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548163"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548163"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548167"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}