Technical analysis by DOCTOR_PIPS05 about Symbol BTC: Sell recommendation (8/6/2025)

Chart Overview: Price: $114,212.33 Timeframe: 4H Platform: TradingView (COINBASE) Date Noted: Aug 6, 2025 Technical Insights: Bearish Channel: Price action is trending within a downward sloping channel, indicating continued bearish pressure. Resistance Zone: Strong resistance identified between $118,000 – $119,552, marked by the red zone and multiple rejections. Support Levels: First target/support: Around $110,815 Second target/support: Around $107,351 Projected Move: The forecasted arrow suggests a short-term bounce followed by a continuation to the downside, possibly testing the lower support zone near $107,000. Ichimoku Cloud: Price is trading below the cloud, which supports the bearish momentum. Summary: BTC/USD appears to be forming a bearish reversal after retesting a strong resistance zone. If the price remains below $118,000, bearish continuation is likely toward $110,800 and possibly $107,000. 🛑 Invalidation Level: A strong breakout above $119,500 could invalidate this bearish setup.