The Bit.Cash chart shows signs of decaying upward momentum.
A classic Double Top reversal pattern is being formed on the chart. The breakdown of the neckline at the level of 559.88 serves as the main signal for confirmation. Next we can consider two possible scenarios for the development of events. The first scenario assumes the price fixing below the neckline and a further price decline. In the second scenario, the price may return behind the neckline, which may lead to the pattern being canceled and the upward movement continuing.
As far as Bit.Cash is concerned, it is recommended to focus on short positions. Entry can be executed both at the current prices and upon a possible return to the resistance line.
📌 Entry: 559.60
✔️ First target: 556.27
✔️ Second target: 553.86
❌ Stop order: 562.89
