Bitcoin has broken below a key dynamic support zone, and current price action signals a potential continuation to the downside. This short entry is supported by multiple technical confluences:
Bearish Confluences:
Fibonacci Retracement Rejection: Price rejected the 61.8% Fib retracement zone near 114,978, confirming a potential local top.
Trend Structure: Clear lower high, lower low structure forming on 4H – momentum favors sellers.
EMA Cloud Pressure: Price is decisively below the multi-band EMA cloud, showing sustained bearish pressure and trend bias.
Volume Profile Gap: Price is entering a low-volume node between 113.8k and 112k, increasing likelihood of a sharp move down.
Bearish Candlestick Pattern: A strong bearish engulfing candle formed after the retracement – a classic reversal confirmation.
Fibonacci-Based Targets:
TP1 – 11205 (38.2%): Initial demand zone and minor support.
TP2 – 11024 (61.8%): Mid-extension level, aligns with prior consolidation.
TP3 – 10731 (100%): Full measured move target if the downtrend accelerates.
SL: Placed just above the recent swing high at 11678, protecting against false breakouts.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
Stay Tuned for Further Updates.
