"Jack's Trading Classroom" BTCUSD Potential Bearish Pattern

Currently, we can see a double top pattern on the BTCUSD one-hour candlestick chart, as indicated by the black rectangle on the chart.

Currently, we can see a double top pattern forming within the black rectangle on the BTCUSD one-hour candlestick chart.

The neckline support is exactly located at the previous triangular converging top structure's support level. If the low point of 15969.0 is breached to the downside, the lower support trendline will also be broken, indicating a potential downtrend. In the short term, we may see support at 15516.5, and short positions can be considered at this level.

Stop-loss can be set at the high point of the right shoulder at 16384.5, while setting a profit target below the support level at 15516.5 would be more reasonable.

In recent days, the digital currency market has experienced significant volatility. It is recommended that traders strictly adhere to risk management practices and avoid high leverage and high contract volume trading to prevent additional losses in volatile market conditions. This article represents personal opinions, and readers should exercise caution and conduct their own research as cryptocurrency trading carries risks to your capital.

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