Is Bitcoin forming a topping pattern ?

4 ก.พ. 2021

Hi everybody,

Thank you for having a look at my trading idea. I would love to hear your opinion about my analysis.
If you want to support me a LIKE is always highly appreciated.

So, what do we have here ?

Bitcoin is essentially looking very bullish, breaking declining resistance and continuing its uptrend.
But if we have a look at the naked price action and the market conditions (RSI, Fib levels) then the price action we are seeing right now looks very similar to the topping formation of 2019.

When Bitcoin tops out it is being drawn back to the 20DMA where first we are seeing a bounce that comes up to the 78.60% Fib level.
Second serious break of 20DMA we break below it and eventually form a double bottom formation where we are seeing a reversal.

Right now the price broke back above the 20DMA which we have seen in 2019 as well.

Another interesting fact is that if you overlay the DXY chart, you will see that the DXY made a reversal in 2019 and we are seeing signs of a reversal in the DXY chart right now as well.

My fellow traders and analysts, I'm very curious what you think about this potential scenario.
Please share your comments and ideas below in the comment section.