$THETA Identifying a THETA Bearish M Pattern
A bearish "M" pattern, or double top, on Theta Network's (THETA) chart is a significant technical reversal formation that signals a failed rally at a key resistance level and a high probability of a new downtrend.
This pattern forms when THETA creates two distinct price peaks at a similar level, separated by a moderate trough. The support level at the bottom of this trough forms the critical "neckline." Volume often diminishes on the second peak, indicating waning bullish momentum and buyer exhaustion.
The reversal is confirmed by a decisive breakdown below the neckline support. This projects a downward move with a minimum target equal to the pattern's height from the peaks to the neckline.
Ultimately, this pattern marks a clear victory for sellers at a major resistance zone, indicating a shift in market control and momentum.$PIPPIN $POWER
