$BTC/USDT

Entry price: 110500-10800

Target Price:
- TP1: 108500 (Fibonacci 38.2% retracement level)
- TP2: 106500 (neckline breakout level/Fibonacci 61.8% extension level)
- TP3: 102500 (Fibonacci 261.8% extension level)

Stop loss price: above 112000

Reason for selling:

1. Pattern confirmation:
- The daily level has formed a "double top" pattern (left shoulder 112000 → head 112000 → right shoulder 111800), with the neckline at 108500.
- After breaking the neckline, the measured decline = head height × 1.618 = 3500 → Target price 3 = 112000 - 3500 = 108500 (actual integer value 102500)
2. Trend Structure:
- The weekly level has broken below MA(50) 110000, the middle track of the Bollinger Bands is turning down.
- Short-term trend reversal, price breaks below the key support of 108500.
3. Downward potential:
- After breaking below 108500, it opens up a downward space of 102500+ (Fibonacci 261.8% extension level)
- If a valid breakdown occurs, or triggers a 2.0x leveraged contract liquidation
4. Indicator Verification:
- RSI(14)=72 (overbought zone), MACD red bars shorten, double lines death cross
- The OBV indicator has hit a new low in 24 hours, indicating continued capital outflow.
- Open Interest (OI) surged by 55% in 24 hours, funding rate -0.045% (bearish dominance)

This content is for reference only and does not constitute investment advice.