Bitcoin Double top pattern formed
$BTC continues to maintain its corrective momentum, with the price breaking through the key support level at 64,000 and entering a strong bearish trend, recording a 0.77% decline on the day. However! It's important to note that a Double Top pattern has formed, which theoretically suggests that the price may break the support neckline at 63,569 and continue to correct further.
Notably, the support neckline area at 63,569 is expected to hold for an extended period, as it represents a very strong reaction zone. But! Based on the pattern setup, there is a high probability that we may witness a BREAKOUT - RAPID DECLINE in the near future.
Based on the current model and price action, we identify the key areas as follows:
Resistance zone: 64,000 - 64,800
Support zone: 63,570 - 62,322
Given the current market structure and price action, there is a strong likelihood of capturing a significant corrective move in the market.
