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Call for A $46,000 Bitcoin Emerge on Double Top Breakdown Woes

Bitcoin bulls should prepare for a shock as a confluence of technical indicators readies to send the cryptocurrency price to $46,000.
According to independent market analyst Jonny Moe, the BTC/USD exchange rate risks declining to the said level as it declines below the price floors of two classic technical patterns: Double Top and Descending Triangle. That raised its probability of extending its bearish correction based on how traders interpret classical technical indicators.
Bearish Confluence
In retrospect, Bitcoin confirmed a double top pattern after reaching a high two consecutive times with a moderate decline between the two peaks. Its decline below the double top neckline level pointed towards further potential sell-offs, with the price target situated as far as the double top’s height.
That roughly put Bitcoin en route to $46,000, said Mr. Moe.
Bitcoin watches $46,000 as its primary downside target after confirming double top formation. Source: BTCUSD on TradingView.com
Meanwhile, Bitcoin showed signs of breaking out of a Descending Triangle pattern. The cryptocurrency’s plunge below the structure’s lower trendline on Wednesday altered Mr. Moe about a confluence bearish signal alongside the Double Top indicator. He noted that traders could perceive Triangle breakout as an additional cue to prepare their positions towards $46,000.
“Call it a double top, call it a descending triangle, but either way, still targeting $46k region on a breakdown,” the analyst said, adding:
“We broke down out of the double top, but we’ve caught at least some initial support at the $52k horizontal level. …
Story continues on Bitcoinist

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