Technical analysis by DENCHMON about Symbol BTC: Sell recommendation (3/16/2025)

BTC/USD – Technical OutlookBias: Bearish BTC/USD has completed the ABCD pattern and is now printing lower highs and lower lows, confirming a shift in market structure to bearish.Price is currently retesting a previous support, now turned resistance. If this level holds, it could open the door for continued downside; with the 68K–50K zone as a potential BTD (buy-the-dip) area.TARGET 1 (78K):A key structural zone. A clean break and close below this level would confirm bearish momentum and increase the likelihood of price falling.TARGET 2 (66K):Likely to act as a magnet; a previous resistance turned support that launched price toward 100K. A return here would retest the foundation of the previous rally to 100k.TARGET 3 (50K):From a fractal and psychological standpoint, double tops often retrace to the origin of the bullish move. In this case, around the 50K zone.Invalidation:A reclaim of 85K–90K would shift bias back to bullish, signalling potential for upside momentum.Bias: BullishReclaimed 85k and we are now pushing towards 90k resistance, as long as we hold above these levels we could see new highs.Bias: Bearish (Still holding)BTC/USD continued to face resistance at the 85k level after breaking below. A rejection at this key level has reinforced the downward bias, and price is now testing lower support zones.Key Levels to Watch:Resistance: The 85k zone remains a key level. If BTC fails to reclaim and hold above this level, the bearish momentum is likely to continue.Target 1 (78k)Target 2 (66k)Target 3 (50kInvalidation: A reclaim of the 85k–90k range would shift the bias back to bullish, opening the door for upside continuation. Any strong closes above this range would signal that the bearish scenario is invalidated.Bias: Neutral (Awaiting Confirmation)BTC/USD is currently testing a resistance zone at 85k–90k after breaking down from a symmetrical triangle earlier this month. The price has returned to this key level, putting the bearish bias from April 1st at risk of invalidation. The next directional move hinges on whether the price can break and hold above this range or reject and resume the downtrend.Key Levels to Watch:Resistance: The 85k–90k zone (currently at 87,809.62) is the pivotal level. A strong close above 90k would signal a shift to bullish momentum, while a rejection here keeps the bearish outlook alive.Support: Immediate support lies at 80k, followed by 76k and 66k. If the bearish trend resumes, these levels will be critical to watch.Upside Targets (If Bullish Bias Confirmed):Target 1: 100k (previous high from the symmetrical triangle)Target 2: 104k (potential extension if bullish momentum accelerates)Downside Targets (If Bearish Bias Holds):Target 1: 78k (first major support below 80k)Target 2: 66k (next significant support, as marked on the chart)Target 3: 50k (longer-term bearish target if the downtrend deepens)Invalidation: For the bearish scenario to remain valid, the price must reject the 85k–90k range and resume downward movement. A strong close above 90k (e.g., a daily or weekly close with high volume) would invalidate the bearish outlook, shifting the bias to bullish and opening the door for upside continuation toward 100k and beyond.If the price breaks above 90k but fails to hold and drops back below 85k, the bullish scenario would be invalidated, reinforcing the bearish bias.