$BTC SIGNAL ALERT 🔴✨️✨️✨️
🚨CHART PATTERN DETECTED🚨
$BTC has formed a bearish double top or "M" chart pattern, a classic reversal signal in technical analysis. This pattern typically indicates that the price has hit a resistance level twice (around 85,777.99 in this case) and failed to break through, suggesting a potential trend reversal from bullish to bearish as selling pressure increases.
The price has now dropped to 84,350.00, down 1.01% in the last 24 hours, confirming the bearish momentum after the double top formation. The decline is supported by a volume spike to 8,446.82 BTC, and the price has fallen below the 25-day moving average (MA25) at 85,098.99. The RSI(6) at 12.80 indicates oversold conditions, which might lead to a temporary bounce, but the overall trend looks bearish.
The price is testing support around 84,350.00, with the next key level at 84,269.24. If this support breaks, we could see a further drop toward 84,215 or lower. A bounce might push the price back toward the MA25 at 85,098.99, but the bearish pattern suggests more downside ahead. Watch for volume and RSI for signs of a deeper correction.
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