Bitcoin is showing signs of weakness after rejecting the top of the descending parallel channel. This trade idea is based on multiple confluences:
Bearish rejection at key resistance near $110,000–$112,000
Price respecting the descending trendline
0.618 Fibonacci retracement zone acting as potential demand
Risk-reward structure targeting deeper support near $88,500
Previous bullish channel broken – now acting as resistance
📌 Entry near: ~$108517
🎯 Target: ~$88500
🛑 Stop Loss: ~$111980
Looking for further downside continuation if this structure holds. Watch how price reacts at mid-channel and the demand box.
Bearish rejection at key resistance near $110,000–$112,000
Price respecting the descending trendline
0.618 Fibonacci retracement zone acting as potential demand
Risk-reward structure targeting deeper support near $88,500
Previous bullish channel broken – now acting as resistance
📌 Entry near: ~$108517
🎯 Target: ~$88500
🛑 Stop Loss: ~$111980
Looking for further downside continuation if this structure holds. Watch how price reacts at mid-channel and the demand box.
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