Current price: 75700
Key point: 76000
Our preferred strategy: Sell positions below 76,000 with a first target of 73,800 and then a second target of 70,500.
Alternative scenario: Stop loss and trend reversal upon breaking the 76500 level, targeting the 79000 level.
Technical commentary
Bitcoin has formed an important reversal pattern, a double top, from the resistance level of 79400. With the neckline of 76900 broken, and with the support level of 76000 also broken, and the upward trend line from the current month's low broken, Bitcoin is expected to continue its decline to the levels of 73800 and then the levels of 70500.
