The BTCUSDT perpetual chart displays a bearish setup following a false breakout or weak retest of a descending wedge structure. After a strong bounce from the recent low, price surged but is now showing rejection at the $101,500 resistance level, marked by a key horizontal zone.
This area coincides with:
- The upper boundary of the falling wedge pattern.
- A former support zone now acting as resistance.
- A red candle signaling exhaustion from buyers.
A short position is initiated with:
- Entry: ~$101,500
- Stop Loss: ~$103,271
- Take Profit: ~$95,400
- Risk:Reward Ratio: ~1:3+
Unless price reclaims and holds above $103,271, this setup suggests a short-term bearish reversal is likely to unfold.
This area coincides with:
- The upper boundary of the falling wedge pattern.
- A former support zone now acting as resistance.
- A red candle signaling exhaustion from buyers.
A short position is initiated with:
- Entry: ~$101,500
- Stop Loss: ~$103,271
- Take Profit: ~$95,400
- Risk:Reward Ratio: ~1:3+
Unless price reclaims and holds above $103,271, this setup suggests a short-term bearish reversal is likely to unfold.
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