While the week started off hot for the world’s most popular cryptocurrency, Bitcoin started to face strong resistance after overtaking the $38,000 level. This is no the second time in just seven days that it failed to breach the $40,000 level, putting doubt in the minds of many analysts. So if you’re someone trying to enter the market and buy Bitcoin for the first time or just add on to your portfolio, perhaps it’s best to wait a bit due to the following theories.
What has so many of these analysts worried about is the “Double Top” formation currently seen on the Bitcoin chart above. The two points shown above represent the two “tops”. The reason a Double Top formation occurs is that an asset shows two high price points in two consecutive situations followed by a small decline between the two high points. What tends to happen after the second peak is a fresh revisit to lower support levels and potentially, a longer bearish event.
Here is where it could get tricky. At the time of writing this article, Bitcoin is showing moderate stability after the second “top.” If it holds this stability, then this could turn into a potential breakout. If we start to see a gradual decline, then that would fit into the theory perfectly of the Double Top and essentially guarantee a lower bottom is coming soon. So for those looking to buy Bitcoin right now, perhaps it’s best to wait and see how the market reacts. Either you can buy the dip or use your Bitcoin to long the market and multiply your portfolio.
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