Technical analysis by Fx_PLAYER23 about Symbol BTC: Sell recommendation (3/12/2025)

This chart represents the BTC/USDT (Bitcoin to Tether) trading pair on Binance, with a 1-hour timeframe. Observations:Bearish Structure:The price has been forming lower highs and lower lows, indicating a downtrend.A descending trendline is marked, showing the price rejection at key resistance levels.Key Support & Resistance Levels:Support is highlighted around $79,363 - $80,250, where buyers may step in.Resistance is observed near $83,400 - $83,791, where the price was recently rejected.Chart Patterns:The price made a lower high at the recent peak (circled in orange).The pattern suggests a potential double-top formation, reinforcing bearish sentiment.Projected Movement:A potential drop is illustrated with blue arrows, targeting the support zone near $79,363 - $80,250.The stop-loss appears to be set around $83,400, above the recent high.The risk-to-reward ratio favors a short position.Conclusion:The short-term trend remains bearish unless BTC breaks above the resistance zone.If BTC fails to hold above the $82,500 level, it could drop to the $80,250 - $79,363 range.Traders might consider shorting BTC with a stop-loss above $83,400.