Double top

Still not liking the look of that handle from my recent ‘cup and handle’ post, its starting to look more like a double top is looming as a possiblity, to me.

Price would have to fall a bit further yet to be an actual double top, even then the chart pattern doesn’t have to play out but its something I’m now considering.

The double top is a bearish formation http://www.trending123.com/patterns/double_top.html price might be expected to retrace just about all the way down to $200 as a rough guess. Might hold off re-buying those bitcoins I sold a little while longer.

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5 thoughts on “Double top

  1. I thought you might have been right on this, as I was trying to put the chart together the price shot through $400 and then onto $440 while I was wondering if I should buy in as a break out upwards or wait it for fall back again.

    Serves me right for being greedy and not setting the buy at $300 after the first move! Down about 2 BTC after all that.

  2. I’m still sitting on some fiat wondering when to buy back in after cleverly thinking I’d be able to buy back cheaper coins :-/ be lucky to get half the bitcoins i sold now, ah well. Live and learn.

    I regard the little bit I trade as for fun the main core of my stack I won’t sell for a long time yet. As long as I can control my greed that is. Not easy sometimes

    1. Yep, controlling the greed that’s the problem!

      I thought I would be able to nearly double my coins that I have for trading with a big fall, but in fact lost out 😦

      Wait and see what happens now. I don’t see how this can continue, but had to buy back in because just don’t know with Bitcoins – Anything else it is really due a correction and I’ll probably buy some more when that does happen to offset the BTC I lost.

      1. There has to be a correction at some point,but if you look at the rise to the last peak in April one could easily have sold at $80 or something thinking a correction is bound to come soon, then miss the rise up past $100 then $200 up to $266.

        This time around $300 dollars might be where $50 was back then.

        Personally I’m still in a dilemma. Buy into the rise or wait for the next crash then buy in ?

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