Bitcoin - Rejection From Major Resistance, Eyes on 103.8K Suppor
Bitcoin is once again reacting to a major resistance zone around 108.8K, a level that has consistently rejected price in the past. The market attempted a breakout but failed to sustain momentum, forming multiple wicks and signs of weakness near the highs. This repeated rejection suggests that sellers are still in control up here and that this zone remains a strong ceiling for price.
Immediate Downside Scenario
With bearish pressure building at resistance, price is now pulling back and eyeing the first key support level around 103.8K. This zone previously acted as a significant base, with an imbalance overlap and structural demand from past price action. If price taps into this zone and buyers defend it, we could see a recovery bounce and potentially another retest of the upper resistance.
Breakdown Risk and Bearish Expansion
However, if 103.8K fails to hold, this opens the door for a deeper correction. The next logical downside target would be in the 98K region, where a higher timeframe imbalance sits and where price last found strong demand during the last major push up. This would also align with a full sweep of recent liquidity build-ups below.
Bullish Recovery Path
In the bullish case, holding 103.8K could initiate a rebound back toward the 108.8K resistance. This would likely depend on a solid reaction and displacement from the support zone, potentially forming a new higher low structure. For bulls to regain full control, we would need to see a clean breakout above the resistance zone with continuation.
Key Zones to Watch
The red resistance zone near 108.8K remains the clear invalidation for further upside, while the grey support block around 103.8K is the first major level that could decide the short-term trend. If that breaks, the purple demand zone near 98K is a high-probability area for price to find support again.
Conclusion
Bitcoin is still stuck between a strong resistance ceiling and a critical mid-range support zone. The rejection from the top signals that we may see downside in the near term, but whether this turns into a full reversal or just a retracement depends entirely on how price reacts around 103.8K. Hold it and we bounce, break it and we likely drop toward 98K. Keep watching how price behaves at these levels to gauge momentum and direction.
___________________________________
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Immediate Downside Scenario
With bearish pressure building at resistance, price is now pulling back and eyeing the first key support level around 103.8K. This zone previously acted as a significant base, with an imbalance overlap and structural demand from past price action. If price taps into this zone and buyers defend it, we could see a recovery bounce and potentially another retest of the upper resistance.
Breakdown Risk and Bearish Expansion
However, if 103.8K fails to hold, this opens the door for a deeper correction. The next logical downside target would be in the 98K region, where a higher timeframe imbalance sits and where price last found strong demand during the last major push up. This would also align with a full sweep of recent liquidity build-ups below.
Bullish Recovery Path
In the bullish case, holding 103.8K could initiate a rebound back toward the 108.8K resistance. This would likely depend on a solid reaction and displacement from the support zone, potentially forming a new higher low structure. For bulls to regain full control, we would need to see a clean breakout above the resistance zone with continuation.
Key Zones to Watch
The red resistance zone near 108.8K remains the clear invalidation for further upside, while the grey support block around 103.8K is the first major level that could decide the short-term trend. If that breaks, the purple demand zone near 98K is a high-probability area for price to find support again.
Conclusion
Bitcoin is still stuck between a strong resistance ceiling and a critical mid-range support zone. The rejection from the top signals that we may see downside in the near term, but whether this turns into a full reversal or just a retracement depends entirely on how price reacts around 103.8K. Hold it and we bounce, break it and we likely drop toward 98K. Keep watching how price behaves at these levels to gauge momentum and direction.
___________________________________
Thanks for your support!
If you found this idea helpful or learned something new, drop a like 👍 and leave a comment, I’d love to hear your thoughts! 🚀
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bit.ly/BloFin20
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𝟔 𝐘𝐄𝐀𝐑𝐒 𝐄𝐗𝐏𝐄𝐑𝐈𝐄𝐍𝐂𝐄𝐃 𝐓𝐑𝐀𝐃𝐄𝐑
💎 Free Signals
t.me/codeandcandle
🎁 Free trading Discord community
bit.ly/TehThomas
🥇 My Preferred Exchange - 20% cashback
bit.ly/BloFin20
💎 Free Signals
t.me/codeandcandle
🎁 Free trading Discord community
bit.ly/TehThomas
🥇 My Preferred Exchange - 20% cashback
bit.ly/BloFin20
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.