Bitcoin

The OBO Formation Maintains Downward Risks
From another perspective, it can be seen that the Head and Shoulders formation is effective in the daily chart structure, specifically the Shoulder Head Shoulder (OBO) formation. The decline process starting from the levels of 124,000 dollars became evident with the increasing selling pressure in the right shoulder region, which is the average band of 112,000-114,000 dollars. Subsequently, the BTC price dipped below the range considered as the neckline of the formation, 105,500-106,500. This break confirms the downward trend in the short term. This area is no longer support but has turned into resistance. As long as the price cannot produce a daily close above this line, upward attempts are likely to remain weak and limited.

If the downward movements continue, the first strong support area is located around the 99,500 dollar level. While this level could create short-term rebound rallies, losing the support could accelerate the decline towards the 93,600 dollar band, which corresponds to the Fib 0.618 correction. This area can be considered as a zone where buyers may seek to regain strength according to past price movements. However, if this area is also broken down, declines could widen up to the 86,000-85,200 area, which is in line with the theoretical target of the head and shoulders formation and indicates the Fibonacci 0.786 support.
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