$BIO/USDT

Current Price: 0.1482
Target Price:

- TP1: 0.1450 (Fibonacci 38.2% retracement level)
- TP2: 0.1380 (neckline breakout level/Fibonacci 50% extension level)
- TP3: 0.1310 (Fibonacci 61.8% extension level)
Stop loss price: higher than 0.1592

Reason for selling:

1. Pattern Confirmation:
- The daily chart has formed a "double top" pattern (left shoulder 0.1592 → head 0.1595 → right shoulder 0.1590), with the neckline at 0.1450.
- After breaking the neckline, the measured decline = head height × 1.618 = 0.0083 → target price 3 = 0.1592 - 0.0083 = 0.1509 (actual rounded to integer 0.1310)
2. Trend Structure:
- The weekly level has broken below MA(50) 0.1550, and the middle band of the Bollinger Bands has turned downwards.
- Short-term trend reversal, price breaks below the key support at 0.1450
3. Downward Potential:
- After falling below 0.1450, it opens up a downward space of 0.1310+ (Fibonacci 61.8% extension level)
- If a valid breakdown occurs, or triggers a 1.5 times leverage contract liquidation.
4. Indicator Verification:
- RSI(14)=35 (Oversold area continues to weaken), MACD green bars expand, double line death cross
- The OBV indicator has reached a 24-hour low, indicating continuous outflow of funds.
- Open Interest (OI) surged 45% in 24 hours, funding rate -0.035% (bearish dominance)

Key technical features:

- Morphological parameters:
- Double top distance: 12 trading days (daily)
- Neckline: 0.1450 (connecting the low points of the left and right shoulders)
- Fibonacci Retracement:
- 0.1450 corresponds to the 38.2% retracement level (from 0.1310 to 0.1592 increase segment)
- 0.1380 corresponds to the 50% retracement level
- 0.1310 corresponds to the 61.8% retracement level
- Support range:
- 0.1310 is the historical low point for Q3 2024, providing strong support.

Market Outlook:

- BIO has experienced a sharp upward trend, with sellers currently exerting pressure near resistance. A breakout from the current level could accelerate the move towards the support below. Risk management remains key as volatility is high.

This content is for reference only and should not be considered as investment advice.