Technical analysis by ProWolfTrader_89 about Symbol BTC on 12/28/2024

Key Observations:Resistance Zones:A significant resistance area is marked near the previous ATH BTC (All-Time High) and within the labeled "MicroStrategy" zone, indicating a strong selling region.Fibonacci retracement levels (0.236, 0.382, 0.5, 0.618, 0.786) align with these resistance levels, showing potential rejection points.Support Levels:The demand zone near $91,239.77 is highlighted as a key support area.The chart shows Fibonacci retracement support near $94,546.74 and $92,918.26, where buy orders have been triggered.Black Swan Dump Warning:A significant downside warning labeled as "Black Swan Dump Incoming" is noted. This suggests anticipation of a sharp sell-off, potentially targeting the lower Fibonacci retracement zones or even breaking the demand area.Breakout or Fakeout?:The annotation suggests market indecision around $104,089.07, where the price may either break higher or face rejection.Current Price Action:The current price hovers near $94,978.74, slightly above the Fibonacci 0.786 retracement level. This indicates a precarious position, where a bounce or further drop could occur.Bearish Bias:Several labels such as "BTC Crash Alert", "The Bears are out", and "Black Swan Dump Incoming" indicate a strong bearish sentiment.Potential Scenarios:Bearish Scenario:If the price fails to hold the $94,546.74 level, it could target the demand zone near $91,239.77 or even break lower toward the 0.618 Fibonacci extension ($90,682.18).Bullish Scenario:A breakout above $104,089.07 could invalidate the bearish sentiment and lead to a rally toward $105,715.06 or the ATH supply zone.Strategy Recommendations:Short Trades:Consider short positions near resistance levels ($98,901.95, $101,452.76) with a tight stop-loss above $105,715.06.Long Trades:Look for buying opportunities near the demand zone ($91,239.77) or if a clear breakout above $104,089.07 occurs.