Btc four-hour ascending channel broken

The market shows a double top pattern, combined with increased volume and decline
The neckline was effectively broken, confirming a top reversal
The original support zone of 77,000 has turned into strong resistance
If the price rebounds to this area, it will face further downward pressure
The daily MACD is about to form a death cross, with limited space
Around 79,500 is most likely the top of this round
Conservative traders can set a long-term short position with a 3x leverage, investing every $1,000 increase
Risks are controllable, and a mid-term correction is highly certain
Short-term rebound from 66k to nearly 80k, a 30% increase
The upward momentum is exhausted, and it’s not suitable to chase longs at high levels
This round of slow upward movement has no major funds entering the market
To push the rally at low cost, the main force needs to
Deeply decline, break below key lows, and liquidate retail longs
Reduce positions, easing future upward pressure
Therefore, a deep correction in the mid-term is inevitable
Downward target and trend judgment
First target: around 69,000-70,500, corresponding to the start of this round of rally, a key short-term support, which may trigger a phase rebound after reaching it;
Second target: the previous low of 60,000, based on cycle patterns, this level is likely to be broken, completing a large-scale liquidation of long positions, resulting in a “golden pit”