{"id":191226,"date":"2023-10-01T01:30:00","date_gmt":"2023-10-01T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=191226"},"modified":"2023-09-30T10:31:35","modified_gmt":"2023-09-30T17:31:35","slug":"bitcoin-micro-double-top","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/bitcoin-micro-double-top\/","title":{"rendered":"Bitcoin micro double top on 3rd Quarter"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Bitcoin<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.investing.com\/crypto\/bitcoin\" data-type=\"link\" data-id=\"https:\/\/www.investing.com\/crypto\/bitcoin\" rel=\"noopener\">Bitcoin <\/a><\/strong>traded above past Q (Quarter) high during the Q3 (3rd Quarter), and then reversed down, creating a micro double top. On the Monthly chart, Bitcoin is within a Tight Trading Range, which is a Breakout Mode pattern: there is a 50% chance that the price will have a successful breakout above or below, a 50% chance that it will reverse. Traders look for a swing up or down, bulls see a micro double bottom and a continuation of a bull trend (2023 swing up), bears see a micro double top and a bull leg that it is stalling at a resistance. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin Spot (24\/7, 365-day chart)<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The Quarterly chart of Bitcoin<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top.png\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top.png\" alt=\"bitcoin micro double top during q3 2023. 30th september 2023\" class=\"wp-image-191383\" style=\"width:702px;height:395px\" width=\"702\" height=\"395\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top.png 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top-1536x864.png 1536w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Past: Supports and Resistances<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin did a strong bull breakout of the top of a Triangle:\n<ul class=\"wp-block-list\">\n<li>2017s high, 2019s high.<\/li>\n\n\n\n<li>Major Higher Low at 2020s low. <\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then, the price reversed down strongly within a two legged move:\n<ul class=\"wp-block-list\">\n<li>2nd leg high (all-time high).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Thereafter, the price reversed up at support (test of 2017s high).\n<ul class=\"wp-block-list\">\n<li>Minor Bull Trend line.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Present: Market Cycle<\/h3>\n\n\n\n<p>After the strong bull breakout of the Triangle, Traders sold a big bull trend bar (Q1 2021), bought around the low, and sold the high again: Limit Order Market.<\/p>\n\n\n\n<p>\u00bfIs the market continuing to behave like a Limit Order Market? <\/p>\n\n\n\n<p>Q2 2022 was a strong bear bar, that had bad follow through and followed by a strong bull bar on Q1 2023 and a bull bar during the Q2 2023. Therefore, it seems like the Limit Order Market is continuing. Traders buy below things, and sell above things. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Future: Inertia<\/h3>\n\n\n\n<p>A Limit Order Market tends to form a Trading Range pattern. It could be a Triangle, contracting or expanding, a Rectangle or a Head and Shoulders Bottom. Since the volatility is high and the Trading Range Pattern will be wide, Traders won&#8217;t expect a trend until the Trading Range is exhausted, which means a contraction. <\/p>\n\n\n\n<p>Strong legs up and down will probably be faded.<\/p>\n\n\n\n<p>Bitcoin might trade sideways, gravitating around the apex of the Trading Range pattern, during years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Investing<\/h3>\n\n\n\n<p>Those who support the Bitcoin thesis and are willing to buy and <a href=\"https:\/\/www.investopedia.com\/terms\/h\/hodl.asp\" data-type=\"link\" data-id=\"https:\/\/www.investopedia.com\/terms\/h\/hodl.asp\" rel=\"noopener\">Hodl<\/a>, are going to accumulate while the price is below $35000 during the upcoming years. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The logarithmic <em>Monthly<\/em> chart of Bitcoin<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode.png\" alt=\"\" class=\"wp-image-191380\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode.png 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-monthly-ttr-bo-mode-1536x864.png 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Past: Supports and Resistances<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin did a strong bull breakout of a Trading Range that lasted from 2017 until 2020. \n<ul class=\"wp-block-list\">\n<li>2017s high.<\/li>\n\n\n\n<li>2019s high.<\/li>\n\n\n\n<li>Bull Breakout Low (Major Higher Low).<\/li>\n\n\n\n<li>Three consecutive Bull Breakout Bars breaking out strong resistance create a buy zone. <\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then, the price did a Double top and broke down a minor higher low:\n<ul class=\"wp-block-list\">\n<li>All-time high.<\/li>\n\n\n\n<li>Major Lower High.<\/li>\n\n\n\n<li>Minor Higher Low (June 2021 Low) is a Breakout Point. <\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Thereafter, the price created a wedge bottom and bull flag that couldn&#8217;t break support, did not reach the Major Higher Low, and ended reversing up:\n<ul class=\"wp-block-list\">\n<li>2022 Low.<\/li>\n\n\n\n<li>Minor Buy Zone.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Finally, the price did a micro double top, now, after reversing up from a bear signal bar, is creating a micro double bottom.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Present: Market Cycle<\/h3>\n\n\n\n<p>2023 has a weak bull leg that reached resistance, then, the price has been trading sideways into a TTR (Tight Trading Range). A TTR is a BOM (Breakout Mode) pattern.<\/p>\n\n\n\n<p>Traders want a swing out of the BOM; Bulls think that this is a Bull Flag and that the price will continue up until entering the sell zone or the Major Lower High. Bears thing that since the price couldn&#8217;t hold above the resistance (Breakout Point-June 2021 Low), the price will reverse down and test the 2022 Low.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Future: Inertia<\/h3>\n\n\n\n<p>Both, bull&#8217;s and bear&#8217;s thesis are good, which means that Traders are confused, and increases the chance that the first breakout up or down will probably fail. There is a 50% chance of failing, but remember that we are within the middle of a tight bear channel that occurred during 2022, and hence, there is more equilibrium around this zone than at an extreme.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trading<\/h3>\n\n\n\n<p>After the failed bear follow through bar, I would wait for a Breakout of the TTR that fails, and play the failed BOM. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The logarithmic <em>Weekly<\/em> chart of Bitcoin<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr.png\" alt=\"\" class=\"wp-image-191392\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr.png 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-weekly-double-top-double-bottom-tr-1536x864.png 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Past: Support and Resistances<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The price started a Strong Bear Channel:\n<ul class=\"wp-block-list\">\n<li>Bear Flag&#8217;s Breakout Point.<\/li>\n\n\n\n<li>Major Lower High.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then, failed a Breakout Below a Bear Flag and Reversed up, forming a HSB (Head and Shoulder Bottom) pattern, that broke up:\n<ul class=\"wp-block-list\">\n<li>2022 Low.<\/li>\n\n\n\n<li>2022s Major Higher Low.<\/li>\n\n\n\n<li>2023 Major Higher Low.<\/li>\n\n\n\n<li>HSB Breakout Point<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Lately, the price has been sideways creating a Double Top and a Double Bottom, which is a Trading Range, a small Trading Range (not Tight Trading Range).\n<ul class=\"wp-block-list\">\n<li>Trading Range High.<\/li>\n\n\n\n<li>Trading Range Low.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Present: Market Cycle<\/h3>\n\n\n\n<p>Trading Ranges tend to break when they are exhausted if they are wide, and with a strong Breakout, when they are small like this one.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Future: Inertia<\/h3>\n\n\n\n<p>At some point, there will be a series of consecutive bull bars, or consecutive bear bars, that will form a strong swing.<\/p>\n\n\n\n<p>Based upon what I have said on the Monthly Chart, this first swing up or down will likely fail.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trading<\/h3>\n\n\n\n<p>Traders want a swing up or down, and will probably wait for a couple of strong consecutive bars, one side or the other, before Trading. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all the weekend reports on the <a class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: Bitcoin Bitcoin traded above past Q (Quarter) high during the Q3 (3rd Quarter), and then reversed down, creating a micro double top. On the Monthly chart, Bitcoin is within a Tight Trading Range, which is a Breakout Mode pattern: there is a 50% chance that the price will have a successful breakout above [&hellip;]<\/p>\n","protected":false},"author":7271,"featured_media":191383,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[1904,136],"tags":[223,324],"class_list":{"0":"post-191226","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-analysis","9":"tag-bitcoin","10":"tag-cryptocurrency","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/bitcoin-quarterly-micro-double-top.png","author_info":{"display_name":"Josep","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/cnjoseluis10gmail-com\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/191226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/7271"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=191226"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/191226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/191383"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=191226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=191226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=191226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}