"Jack's Trading Classroom: Short-term Downtrend Possible for BTCUSD"

Currently, we can see a potential double top pattern in the 15-minute candlestick chart of BTCUSD, which is also known as an "M-top" pattern.

Currently, we see a potential double top pattern on the 15-minute candlestick chart of BTCUSD, which is also known as a "M-top" pattern.

The double top pattern is a common reversal pattern. The entry condition is when the double top is formed, and the neckline support at 15281.0 is broken and closed below. Traders can choose to enter with a short position targeting the downside. The target can be identified starting from the neckline area, with a 1:1 price target based on the distance from the top to the neckline. This can be set using Fibonacci retracement levels. With the top set at 15628.5 and the neckline set at 15281.0, the Fibonacci retracement level of 200 corresponds to the target price of 14933.5.

Furthermore, it is worth noting that the lower profit-taking target of 14933.5 coincides with the support level of 14921.5. Therefore, if this double top pattern forms, there is a high probability of a rebound in this support range.

It is important to remember that this trading strategy involves entering from the right side. When trading the double top pattern, it is recommended to wait for a breakout entry to avoid entering prematurely and incurring additional risks.

Resistance levels:

R1 15516.5

Support levels:

S1 14921.5

In recent days, the cryptocurrency market has experienced significant volatility. It is advised that traders strictly adhere to risk management practices and avoid trading with high leverage or contract volumes to prevent additional losses caused by market fluctuations. This article reflects personal opinions, and readers are advised to use caution and conduct their own research as cryptocurrency trading carries inherent risks to capital.

WeChat Official Account: Jack's Trading Classroom
Telegram Group: https://t.me/jackscrypto