BTC - 12H Double TopBitcoin / TetherUSBINANCE:BTCUSDTVIAQUANTWith today's price developments, BTC has established a double top alongside a clear reversal pattern (a doji followed by a liquidity grab candle in the form of a wick-off-top). Just over a month ago I posted a similar setup on the 12H chart, but from a bullish perspective and that 12H reversal played out nicely. Those related ideas can be found here: Given these factors, one of two outcomes is expected. Either a short-term downtrend begins with a support low being established around $70,800, $71,500, or as high as $72,800 before the uptrend resumes. If those levels are lost, this will mark the top before the next leg of the bear market begins. Take a close look at the 12H RSI. When price last topped at $76,000, the RSI had a reading of 67 (red line). Price has now topped three additional times at around that same RSI level, including most recently today (red arrows). Based purely on this momentum structure, we should expect the RSI to begin declining from here. Also, this price range is within a key Fibonnaci zone. Look back at this idea and you will see it was the "first target" Fibonnaci zone I had outlined: Finally, I want to highlight the 200 MA on the 12H chart (blue MA). This is now the fourth major rejection price is seeing from this moving average. Since the top was formed at $126,000 and price dropped below this level, it has acted as significant selling pressure every time it has been tested with each instance preceding a larger drop. That is a pattern worth taking very seriously. If bulls can break above that would be a major shift in trend momentum, but for now this is where the current market structure stands.