⚡️Is Bitcoin (BTC) hiding a disaster coming?💥🔥🔥
Bitcoin recently achieved a major milestone by surpassing the $70,000 mark. However, the formation of a double top pattern around $71,900 could be a warning sign that this achievement is about to happen.
✅According to technical analysis, the double top pattern is a bearish signal on the BTC chart that is about to end. This pattern occurs when an asset reaches a peak, retraces its steps, then peaks again before starting to decline. This pattern indicates that a decline may be imminent and the asset may have difficulty maintaining its upward momentum.
🌈Analysis of Bitcoin's current trend chart: Taking Bitcoin as an example, the price tried to rise after breaking through $70,000, but encountered resistance near $71,900. If Bitcoin fails to overcome this resistance and falls back, it may complete a double top pattern, indicating that the current rally may end.
Relative Strength Index (RSI): Price corrections usually precede overbought levels, and Bitcoin is approaching overbought levels.
Volume: Volume has not been particularly high in the recent uptrend, which means that buying pressure may be waning.
❄️Broader market context: Despite these warning signs, overall market sentiment remains largely positive. Growing public and institutional acceptance of Bitcoin could offset any potential bearish trends.
Important levels to watch: Support at $70,000: If Bitcoin falls below this level, it could validate the double top pattern and spark a decline. Resistance is at $71,900. Volume above this point could invalidate the bearish pattern and show that the upward momentum is still there.📈
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