Technical analysis by VisionaryInsights about Symbol BTC: Sell recommendation (5 hour ago)

Bitcoin is currently trading within a clear downtrend on the 4-hour chart. Multiple bearish confluences suggest that further downside is likely. Based on recent price action and Fibonacci extension levels, I have identified three potential take-profit targets for a short trade setup. 📉 Bearish Confluences: Rejection at the EQ of Descending Channel Price was rejected at the equilibrium level of the descending channel, reinforcing the strength of the ongoing bearish trend. EMA Ribbon Resistance Price is consistently getting rejected by the red and brown EMA ribbons, acting as dynamic resistance and confirming downward momentum. Weak Bounce with Low Volume The recent bounce lacked significant volume and follow-through, signaling weak buyer interest and potential for further downside. Bearish Market Structure The chart shows a clear pattern of lower highs and lower lows since early October, confirming a bearish market structure. 🎯 Fibonacci Extension Targets: Based on the recent swing high (~111,780) and swing low (~110,056): TP1 - 0.618 Extension: 105,741 This level aligns with a lower support zone of the descending channel and could serve as the first reaction point. TP2 - 1.0 Extension: 103,150 A full extension move, potentially reaching key historical support or volume areas. TP3 - 1.618 Extension: 99,820 A deep target near the golden Fibonacci extension area, likely marking the end of this bearish leg unless strong reversal catalysts appear.