BTCUSD Forex Signal: Double-Top Signals More Weakness forexsignal
jumped to more than $50,000 on Friday as the so-called Santa Claus rally got underway. This rally pushed the total market value of cryptocurrencies to more than $2.6 trillion.
In the past few days, the prices of cryptocurrencies have declined sharply. It is unclear why this reversal has happened considering that other assets like stocks and commodities have jumped sharply. For example, the S&P 500 index has risen to an all-time high while the price of crude oil has risen to the highest level in about a month.
Perhaps, the decline has happened because of the ongoing regulatory risks especially in India and Turkey. This week, it was confirmed that Turkey is preparing its laws on cryptocurrencies. These laws come at a time when the country’s currency has crashed because of the actions by the government and the Central Bank of the Republic of Turkey .is planning to unveil its laws as early as next year. The country’s government has been relatively hostile to cryptocurrencies.
In price action analysis, a double-top pattern is usually a bearish signal. The chin of this pattern was at 49,418, which was also the highest level on December 16th. It crossed this level in the overnight session.
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