Technical analysis by tanmaybist about Symbol BTC: Sell recommendation (3/29/2025)

Market Context:Bitcoin has been in a clear downtrend, forming lower highs and lower lows on the 15-minute timeframe.The price recently rejected from the 0.786 Fibonacci retracement level at $84,510, indicating strong selling pressure at that zone.A new low was formed at $83,532, confirming continued bearish momentum.Trade Setup:Type: Short (Sell)Entry Zone: $84,000 - $83,800This zone represents a potential pullback area where sellers might re-enter the market.The Fibonacci retracement and previous price action confirm resistance in this region.Stop Loss: $84,240A stop loss above $84,240 is placed to invalidate the trade if Bitcoin gains bullish momentum beyond the recent swing high.Profit Targets:Target 1: $82,575This aligns with the 1.0 Fibonacci extension level, a common take-profit zone.Target 2: $81,775The 1.414 Fibonacci extension, further confirming a continuation of the trend.Target 3: $81,380The 1.618 Fibonacci extension, marking a deep continuation move where price might find stronger support.Risk-to-Reward (RR) Analysis:The setup offers a high RR ratio, making it a favorable short trade.The trade allows for tight risk management while targeting a significant move in price.Confluence Factors Supporting the Short:Bearish Trend: Price is making lower highs and lower lows.Fibonacci Retracement Resistance: Rejection from key levels.Liquidity Grab & Pullback: Price may retest resistance before continuing downward.Risk-Reward Favorability: Targets align well with market structure.This setup offers a solid momentum-based short opportunity with clearly defined risk levels and take-profit zones. Traders should monitor the entry zone reaction before confirming the short position. 🚀