$BTC Technical Analysis (Time Frame 4H _ 1H):
The price is currently testing the area of 109.380, which is a convergence point with Fibonacci levels (0.5).
The moving averages EMA20 and EMA50 are forming resistance at the level of 110.000.
If there is a failure to break through 111.947, we may witness a double top pattern and a bearish reversal towards 106800 - 102500.
Support and Resistance Levels:
Resistance: 110.000 - 111947.
Support: 106831 potential bounce area.
102.567: Major support area + liquidity gap.
Trading Scenarios:
Scenario One - Sell from Resistance:
Entry Point: 110.000 - 111.900
Stop Loss: 112.500
Profit Targets: 108000--->106000--->102000.
Scenario Two - Buy Bounce from MA200:
Entry Point: 106900 - 106800
Stop Loss: 106200
Profit Targets: 108000---> 109000---> 110000.
Scenario Three - Strong Break Down:
Enter after breaking 106.800 with a 1H candle close
Targets: 104000---> 102500.
