Urgent Analysis: Bitcoin is at a Double Top + Ripple & Monero
I have just seen at least one setup on a 4 hour chart that suggests that XBT (bitcoin) is at a place in pricetime that suggest it may be at a turning point:
As you can see, there is
- a double top
- an energy point
- and a 3rd arc
all happening at this point in time. Individually, each of these is cause for concern. Taken together it is a huge red flag. Be very careful if you are long XBT.
This market is showing signs of support. A bear setup shows pricetime hitting a 3rd arc. A possible rally in this chart could be due to either XRP rallying, XBT falling, or both.
To unintentionally muddy the waters a bit, that last chart of XRPXBT might be misleading. It is presented above as potentially corroborating the bearish case for XBT. However, there is compelling reason to believe that XRP may be getting ready to rally. Here you can see that a 5th arc has been reached. While this is a bull setup, it is nevertheless indicating that a change in trend is likely.
Monero is also getting close to a 5th arc on a bear setup. Actually, my intuition suggests that this setup is too small, but it is a valid setup, so it should not be ignored out of hand. The 5th arc is there. It may take another day or two for pricetime to get there, but it is worth watching this coin closely.
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.