Bitcoin's Chart is Setting Up for a Breakdown

The BTC and ETH daily charts look weaker and weaker day by day. At the close Wednesday May 25th at zero GMT a bearish double top chart pattern has emerged. ETH almost closed below the lowest closing price in over two weeks. The Bollinger Bands are pinching on the daily chart because it has moved sideways too long. When they squeeze tight in a few days if there is no movement, something has to give. Up or down? Volume will get bigger either way it goes. Down is more likely than up at the moment unless a big volume buy program starts very soon. The charts at the moment look much more Bear than Bull.

Volume is the most important indicator on a chart. When volume drops, so do prices to attract buyers at a price they find to be a better deal. It takes increasing volume to move prices higher most of the time. The biggest volume spikes are at tops and bottoms, and it takes big volume to break above a level of resistance.

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