BTC/USDT.P Rejection Confirmed? Eyeing Breakdown Toward 50% FibBitcoin just lost two critical levels in rapid succession:
1️⃣ Value Area High ($106,331)
2️⃣ Previous Monthly High ($105,000)
We’re now closing candles back inside prior structure, showing signs of weakness and potential distribution at the highs.
📉 The Bearish Setup
Price is hovering above the 0.236 retracement. A break and daily close below this level could complete what looks to be the right shoulder of a developing head and shoulders pattern. The distance from head to neckline lines up with a projected move down toward the 50% Fibonacci level ($91,500) — which also aligns closely with the POC ($96,888) as an intermediate stop.
🎯 Targets:
• Neckline/Break Level: $102,800
• Mid-Target (POC): $96,888
• Main Target (0.5 Fib): $91,500
• Confluence zone lower: 0.618 to 0.68 (watch for reversals)
🧠 Context Notes:
• The current 2-leg rejection (~8% each) gives symmetry to the pattern
• High volume nodes around POC could act as reaction areas
• This short setup remains valid while price is closing below ~105k and failing to reclaim VAH
If this structure plays out, it’s a classic example of a failed breakout turning into a strong breakdown — the kind of move that catches late bulls off guard.
