BTC/USDT – 1H – SELLBesides a ‘Double top chart pattern’ chart formation is found. The chart picture forms ‘Double top chart pattern’. which is a negative pattern signal. The currency pair is likely to fall.
The currency pair Bitcoin/Tether (BTC/USDT) moves from the descending trendline down.
A continuation of the downward movement down to the next support level at 117453.570000000 is certain.
Caution: A possible change in the direction of resistance at 120998.710000000 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candle pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 123218.000000000 |
| Next High | 120998.710000000 |
| Current Price | 117310.720000000 |
| Next Low | 117453.570000000 |
| 2nd Low | 115736.920000000 |
| 3rd Low | 107429.570000000 |
120998.710000000 – 120063.840000000 – 118490.710000000 – 117453.570000000 – 115736.920000000 – 116900.050000000
Trading Signals: FOREX – BTC – BTC/USDT – USDT – Bearish Engulfing – Double top chart pattern