{"id":18666,"date":"2023-03-13T14:27:04","date_gmt":"2023-03-13T14:27:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-invalidates-double-top-formation\/"},"modified":"2023-03-13T14:27:04","modified_gmt":"2023-03-13T14:27:04","slug":"btc-invalidates-double-top-formation","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-invalidates-double-top-formation\/","title":{"rendered":"BTC invalidates double top formation"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678716370666-3eb3253a-c7b9-4006-8cce-0f1870971cd4-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678716370666-3eb3253a-c7b9-4006-8cce-0f1870971cd4-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678716370666-3eb3253a-c7b9-4006-8cce-0f1870971cd4-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678716370666-3eb3253a-c7b9-4006-8cce-0f1870971cd4-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin price rose to around $22,600 on Sunday after rallying 11% from below $20,000.\u00a0<\/li>\n<li dir=\"ltr\">Technical analyst Rekt Capital says Bitcoin has cancelled a double top formation.<\/li>\n<li dir=\"ltr\">A successful retest of $21,700 zone could see BTC continue short term upside recovery.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> has retested the $22,600 level after dropping sharply to trade under $20,000 last week.<\/p>\n<p dir=\"ltr\">While the benchmark cryptocurrency currently trades around $22,350 and is 9% up in the past 24 hours, the short term outlook suggests an invalidation of a bearish pattern that had bears eyeing another leg towards the low $19,000s.\u00a0<\/p>\n<h2 dir=\"ltr\">Bitcoin price prediction: What next after weekly close at $21,770?<\/h2>\n<p dir=\"ltr\">Crypto analyst Rekt Capital has updated his outlook for BTC price after the coin\u2019s value successfully broke from below $20,000.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This recent <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> drop to ~$19550 and this recent recovery to ~$22600 just shows how a great opportunity can quickly come by and then equally quickly pass by<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1635277484810997764?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">According to the technical analyst, the weekly close above $21,770 could provide fresh bullish impetus as it has cancelled a double top formation on the weekly chart.<\/p>\n<p dir=\"ltr\">\u201c<em>It\u2019s incredible how the #BTC Weekly Close of last week invalidated the Double Top formation. The Double Top initially played out to see price drop into the $19000s, but ultimately, $BTC Weekly Closed above $21770 to cancel out the Double Top<\/em>,\u201d the popular crypto analyst <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1635248566691332096\" rel=\"noopener noreferrer\" target=\"_blank\">shared<\/a> via Twitter.<\/p>\n<p dir=\"ltr\">As noted above, Bitcoin price rose to highs of $22,600 across major cryptocurrency exchanges late Sunday. This was after positive <a href=\"https:\/\/coinjournal.net\/news\/\">news<\/a> around the collapsed Silicon Valley Bank buoyed stock futures and saw the de-pegged USDC <a href=\"https:\/\/coinjournal.net\/news\/usdc-bounces-to-0-99-as-circles-3-3b-reserve-risk-is-removed\/\">bounce<\/a> to just shy of its US dollar parity.<\/p>\n<p dir=\"ltr\">Trading Monday has seen some profit taking deals force BTC to give up gains. However, the flagship cryptocurrency has successfully retested its range low as immediate support. It is possible BTC\/USD will continue this intra-range consolidation, Rekt Capital has predicted.<\/p>\n<p dir=\"ltr\">Looking at the technical picture as seen on the daily chart, we see another successful daily close above $21,700. While Bitcoin could continue higher, a pullback to the level might happen. Breaking higher from this zone once again could catalyse further upside momentum, with next targets in the $23,400 region.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> has performed a strong Daily Close above the $21770 level<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> could see a dip soon into that same level for a retest attempt<\/p>\n<p>Successful retest there and BTC would enjoy continuation to the upside<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/7VU0Zf73KN\">pic.twitter.com\/7VU0Zf73KN<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1635249890166214657?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-prediction-btc-weekly-close-invalidates-double-top-formation\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin price rose to around $22,600 on Sunday after rallying 11% from below $20,000.\u00a0 Technical analyst Rekt Capital says Bitcoin has cancelled a double top formation. A successful retest of $21,700 zone could see BTC continue short term upside recovery. Bitcoin has retested [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18666"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18666"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18667"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}