Technical analysis by realtrademaster about Symbol BTC: Sell recommendation (11/21/2024)

Market Context:Bitcoin is approaching an uncharted territory between 101970 and 110200, where no historical resistance exists due to the all-time high level. This zone is psychologically significant and likely to attract profit-taking from early buyers and aggressive short-sellers, making it a prime area for potential reversals or consolidation.Trade Setup:Entry Strategy:Short Position: Wait for signs of exhaustion, such as:Large wicks on higher timeframes (e.g., 4H or daily).Bearish candlestick patterns (e.g., shooting star, bearish engulfing).Momentum indicators showing bearish divergence (e.g., RSI or MACD).Enter a short position near the upper bound of 110200, with partial entries near 101970 if signs of weakness appear earlier.Stop-Loss:For shorts: Place stop-loss above 111500, beyond potential fake-outs.For longs (breakout play): Place stop-loss below 109500, assuming the breakout level holds as support.Adjust position size based on volatility within the zone.Additional Notes:Volume Confirmation: Monitor trading volume—high volume near resistance could signal a breakout, while declining volume might confirm a reversal.Macro Events: Watch for macroeconomic news or crypto-specific developments that could drive speculative momentum in this region.This setup assumes high volatility and requires active monitoring for precise entries and exits.Massive drop on first sell zone