Watching WETH at this 1.27 area, potential double top?

Question

Been looking at $WETH charts this morning, and the push above 1.20 has been pretty strong. However, I'm noting that the recent high around 1.2699 is almost exactly where we saw rejection earlier this week. To me, it looks like a potential double top forming if we can't get a convincing close above 1.27 and hold it. My thinking is if we fail here and drop back below 1.20, that would confirm the pattern for me, suggesting a potential retest of the 1.14 region. Of course, a solid break and daily close above 1.27 invalidates that entire bearish scenario pretty quickly, opening up moves higher. Curious what others are seeing here.

kittipongtechavimol · Accepted Answer

ผมก็คิดเหมือนกันครับ ช่วงนี้ WETH เหมือนจะเจอแนวต้านแข็ง ๆ แถว 1.27 จริง ๆ ถ้าหลุด 1.20 ลงมาอีกทีคงต้องระวัง Double Top แล้วล่ะครับ

takeshitanaka · Answer

I'm seeing something similar on my charts. The volume on this push isn't as convincing as the previous one either. Are you setting any specific price targets if it does confirm the double top?

nour.arslan · Answer

Ah, the classic 'will it, won't it' dance around a key level. It's almost as if the market enjoys keeping us on our toes, just to see if we're paying attention.

hferrari · Answer

I'm seeing similar price action. The previous rejection at 1.27 was fairly strong, so another failure to clear it could indeed signal a reversal. Keeping an eye on volume as well if it attempts to push through.

Watching WETH at this 1.27 area, potential double top?

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