In a current evaluation of the Bitcoin value, seasoned crypto analyst Rekt Capital mentioned the looming presence of a possible double high formation on the weekly chart. The scenario<\/a> paints an image of impending volatility, with each bullish and bearish narratives rising from this usually foreboding sample.<\/p>\n \u201cThe BTC Double Top still remains intact,\u201d tweeted Rekt Capital, emphasizing the technical construction\u2019s significance. He continues, \u201cWeekly Bearish Divergence lends additional bearish confluence to this structure as well. More, the bear div is developing a new lower high (dotted green) relative to its primary downtrend (solid green).\u201d\u00a0However, BTC would want to drop a further -9% to -13% from present costs to finish its potential double high.<\/p>\n But what makes this evaluation significantly intriguing is the present state of Bitcoin\u2019s quantity. Rekt Capital additional observes, \u201cWhat\u2019s interesting about the volume behind BTC\u2019s price action is that the two recent peaks formed on inclining volume while the RSI formed lower highs.\u201d For many, this simultaneous improve in quantity with descending RSI hints at underlying market weak point, an perception additional supported by the next declining quantity after the native high at roughly $31,000.<\/p>\n Diving deeper in his video evaluation, Rekt Capital highlighted the necessity for a definite \u201cM\u201d-shaped formation, a trademark of the double high sample. \u201cFor Bitcoin to form a double top here, we have to see an \u2018M\u2019-shaped formation take place. When we see a M form, that\u2019s essentially a double top. One top here [at $30,800] and one top here [at $31,300].\u201d<\/p>\n Losing pivotal help ranges might invite substantial downward motion. \u201cLosing this [neckline] level at $26,000 as support would enable further downside,\u201d warns the analyst. However, for merchants and buyers hoping for symmetrical conduct, Rekt Capital speculates, \u201cAnd if we see symmetry here, a three month second part of this M could form so that\u2019s going to prompt further downside and just slow bleeding into that 90 day-mark which would be around next month.\u201d<\/p>\n But not all is bleak. Should Bitcoin hint again to $24,000, a retracement would \u201csee us retest the neckline of this inverse head & shoulders that we saw break out.\u201d Rekt Capital provides, \u201cSo a retest of this level as a new support should actually enable further upside.\u201d<\/p>\n Also, a have a look at the 1-week chart additionally reveals that there’s one other state of affairs for the invalidation of the double high. Bitcoin has shaped an ascending trendline from its low in early January. Provided BTC can maintain this trendline on a weekly foundation and bounce up from there (at round $28,200), an invalidation would happen. The symmetry of the M can be damaged, the uptrend on the upper time frames might proceed.<\/p>\n Featured picture from iStock, chart from TradingView.com<\/p>\n<\/p><\/div>\n![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/F3ufo5MWkAELnRE.jpg?resize=1788%2C1264\")
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/08\/BTCUSD_2023-08-17_14-13-48.png?resize=3628%2C1672\")