Bitcoin 1H has formed a double top pattern (M shape).
🔍 How to understand?
• "Two mountains" = Two peaks appear on the candlestick chart, shaped like the letter M, resembling a rabbit's upright ears.
• Technically called Double Top, it is a common bearish reversal pattern, indicating that upward momentum may be exhausted, with risks of pullbacks or declines.
🐰 Mnemonic:
• Some say, "When there's an M top, run; when there's a W bottom, look for it."
• "Rabbit ears" = Be wary of sharp rises followed by drops.
What to watch for next?
• The key point is to observe the valley position (neckline) between the two mountains; if it breaks down, the pattern is confirmed, and it may decline to a target distance.
• If it does not break down, it may continue to oscillate or result in a false breakout.
Buy on dips, don’t chase highs and panic sell!
