$XNY
The asset is currently consolidating after a strong volatility spike. A bearish reversal pattern is clearly visible, demanding caution from short-term traders.
📌 Key Pattern Observation: Double Top (Bearish Signal) 🐻
A textbook Double Top pattern is forming near the $0.008000 region.
Top 1 and Top 2 show rejection at similar price levels, indicating strong selling pressure when the price attempts to go higher.
The immediate Neckline (crucial support) of this pattern is situated near the recent swing low, approximately $0.007000.
Actionable Strategy & Scenarios
Based on the potential Double Top formation, here are the key scenarios for XNY traders:
⬇️ Bearish (Distribution):
Condition: Price breaks and closes below $0.007000 (the Neckline) with high volume, confirming the Double Top breakdown.
Targets: Look for a move down to the Major Support at $0.006236 (EMA 200) and potentially the pattern's projected target near $0.005500.
⬆️ Bullish (Continuation):
Condition: The bearish pattern is invalidated if the price holds current support and successfully breaks and closes above $0.007800 (Top 2 high) with sustained volume.
Targets: Aim for new local highs above $0.008000.
🟡 Neutral (Wait):
Condition: Price remains trapped between $0.007000 and $0.007800.
Action: Expect high volatility and choppy movement; patience is advised until a clear break occurs.
