BTC - April 17 Top Formation in ProgressBitcoin / TetherUSBINANCE:BTCUSDTVIAQUANTPlease refer to this post before reading: So far this idea has played out with incredible precision and only time will tell if this becomes a "Hall of Fame" level prediction. When I made that post on April 9th with BTC trading around $72,000 and here is what I said: "Both trendlines converge around April 17th at approximately $77,400 which would bean ideal confluence point where the upper rising wedge resistance and the primary red resistance trendline could both be respected simultaneously." It is important to understand exactly what those two trendlines represent. The first is the top of the rising wedge that has been in place for a couple of months now (upper green trendline). Even with today's price action, sellers are still respecting this level as the top. Any daily candle closing around $77,400 or lower confirms respect for the established trend and likely marks the top of this upside move. The second is what I outlined as the "Primary Resistance Trendline" (red trendline). This is the logarithmic trendline from the top, and that distinction is important. Most people have been focusing on the auto-scale trendline I outlined in this post: However, I specifically built this idea around the logarithmic trendline because it set up the perfect market structure for a top to be established on April 17th. I made that post over a week ago with no idea that today's headline would be "the war is over." It is remarkable how the charts can sometimes outline these events in advance. Due to today's headlines, bulls had enough strength to push price right to both trendlines simultaneously and so far price has been rejected. A top could very well be forming here. Most people do not expect this to be a "sell the news" event, but the current market structure is indicating that could be a very real possibility. Tomorrow's close remains more important than today's. If BTC sees a pullback tomorrow, bears will likely be looking to close the April 18th candle somewhere around $74,800–$75,000. If that occurs, bears could be establishing the perfect structure on the 3D line chart for a double top on the line chart and a momentum continuation to the downside. Do not get too excited about this pump, it has been expected. If signs of weakness continue to develop and price gets rejected from this predicted level, this is likely the next macro lower high being established before the next bear leg begins. It is possible for price to push slightly higher toward $82,000, but given the current market structure, this looks like the best place for the chart to begin a move back to the downside.