As of June 11, 2025, Bitcoin (BTC) is trading at approximately $109,502. Let's delve into the current 1-hour chart analysis, focusing on the potential double top pattern.
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📊 Double Top Pattern on the 1-Hour Chart
A double top pattern is a bearish reversal formation that occurs after an uptrend. It consists of two peaks at roughly the same price level, separated by a trough. The pattern is confirmed when the price breaks below the trough (neckline) connecting the two peaks.
Currently, BTC is exhibiting a potential double top pattern on the 1-hour chart. The first peak occurred at approximately $110,249, followed by a decline to a support level around $108,616. A subsequent rally reached a similar high near $110,249, forming the second peak. The neckline support is identified around $108,616.
🎯 Potential Price Targets
If the double top pattern is confirmed by a break below the neckline at $108,616, the measured move suggests a potential decline to approximately $107,000. This target is calculated by subtracting the distance from the peaks to the neckline from the neckline level.
⚠️ Risk Management
Given the current market conditions, it's crucial to implement proper risk management strategies. Consider setting stop-loss orders above the neckline to protect against potential price reversals. Additionally, monitor volume for confirmation of breakout moves.
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