This chart for BTC/USD highlights the following key points:
1. **Double Top Formation**:
– A clear double top pattern is visible around the 108,000 resistance zone.
– This is a bearish reversal signal, indicating a potential move downward.
2. **Break of Trendline Support**:
– The price has broken below the ascending trendline, further confirming bearish momentum.
3. **Price Targets**:
– The next major support zone appears to be around 92,000–88,000, which aligns with the highlighted horizontal demand area.
4. **Bearish Volume Profile**:
– Significant selling volume is noted after the rejection from the resistance zone, reinforcing the downside bias.
Summary:
BTC/USD is showing strong bearish signals after failing at the 108,000 resistance and forming a double top. The break of the trendline suggests a continuation to the downside, with a target around 92,000–88,000. Traders should watch for retests of the broken support or confirmation of further downside momentum.