BTCUSDT WEEKLY FORMING A DOUBLE TOP ??

📊 Technical Analysis of BTC/USD Chart (Weekly Timeframe)
1. Chart Overview
Pair: BTC/USD (Bitcoin vs. US Dollar)
Exchange: Binance
Timeframe: 1W (Weekly candles)
Current Price: $107,508.75
2. Pattern & Market Structure
The chart displays a potential ABCDE corrective wave structure, likely part of an Elliott Wave Ending Diagonal or a distribution phase.
The market appears to be forming a double top around the E point, signaling trend exhaustion and possible trend reversal.
This pattern often precedes sharp corrections or bearish reversals.
3. Key Support & Resistance Zones
Immediate resistance: Around $107K (current peak)
First major support: Around $80,000 — previous consolidation zone.
Second strong support: Around $41,500 — a critical historical demand area and support zone.
4. Forecasted Price Action
The yellow projection line suggests a significant correction from the E point.
If the current structure breaks down, price could retrace to $80K, possibly consolidating before heading toward the $41.5K zone.
This move would align with an ABC correction or a rising wedge breakdown scenario.
5. Indicators & Momentum
The Stochastic Oscillator at the bottom shows an overbought condition, supporting the bearish outlook.
The red line (likely a 50-period MA) shows flattening momentum, indicating weakening bullish pressure.

Bitcoin is showing signs of exhaustion at the E wave top. The double-top pattern and overbought signals suggest a potential downward move toward key support levels. Risk management is crucial here, as a breakdown from the current level could lead to a deeper correction toward $41.5K. Traders may consider de-risking long positions and preparing for possible short opportunities or re-entry around major support.