$BTC

Chart Analysis: $BTC USDT 🔴

The chart indicates the formation of a downward structure at the lower peak level after the price rejected a strong resistance area (around 108,200-108,600). The price attempted to break through it but faced strong rejection, resulting in a sharp decline.

Key Technical Notes:

• Resistance Area: 108,246 - 108,598 (Strong supply area)

• Breakout Failure: Multiple rejections from the resistance area indicate exhaustion of upward momentum.

• Support Turned Resistance: The 107,200 area is now acting as resistance.

• Confirmation of Downward Re-Test: The price is re-testing the broken support level at 107,200 as resistance before continuing to decline.

• Target Area: 104,911 - aligns with the previous demand/support area.

Market Bias: A continued downward trend is expected if the price fails to reclaim the 107,200 level.

This scenario favors short positions with a high potential reward-to-risk ratio upon confirmation of the breakdown.$BTC