$BTC – Overextended and Rejecting Resistance, Short Setup Forming
Trading Plan: Short $BTC * Entry: 77,200 – 77,800
SL: 78,850
TP 1: 76,800
TP 2: 76,450
TP 3: 76,096
Market Analysis:
Bitcoin has reached a massive peak at 78,333, but the latest 4-hour candles show a clear rejection. While the trend has been strong, the RSI is sitting at 71.62, indicating deeply overbought conditions. The price is currently struggling to maintain its momentum above the 77k level.
The order book depth shows significant sell walls appearing near the recent highs, suggesting that big players are starting to take profits. Historically, after such a parabolic move, a healthy correction to retest lower support zones is expected. If the price fails to break the 78k resistance again, we are looking at a quick slide toward the 76,096 support level.
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