Multi-Rejection Trendline Signals Potential Bearish Pullback Bitcoin / USDTMEXC:BTCUSDTBULLTRADER42Multi-Rejection Trendline Signals Potential Bearish Pullback Toward Major Support Market Structure Overview The 4-hour BTC/USDT chart shows price trading beneath a long-term horizontal resistance trendline after experiencing multiple failed breakout attempts. The repeated rejections at nearly the same price level suggest that sellers continue to defend this resistance zone aggressively. Key Technical Observations 1. Strong Horizontal Resistance Price has been rejected several times around the $66,000–$67,000 resistance zone. Multiple rejection points (highlighted with orange circles) confirm this level as a significant supply area. Until this level is decisively broken, bullish momentum remains limited. 2. Rotated Rectangle (Bearish Continuation Pattern) The highlighted downward-sloping rectangle represents a bearish corrective channel. Although price successfully broke above this structure, it has now returned to test another major resistance level. This previous breakout does not invalidate the current overhead resistance. 3. Lower High Probability Recent price action is struggling below previous swing highs. Failure to establish a higher high increases the probability of another rejection. Trade Scenario Potential Short Entry Entry Zone: $64,200–$64,800 (Resistance retest) Confirmation: Bearish rejection candle or lower-timeframe market structure break. Invalidation: Sustained 4H close above $66,800–$67,000. Bearish Target Primary Target: $58,500–$59,000 This target aligns with: A previously established demand/support zone. Historical buying interest. Potential liquidity resting below recent lows. Bullish Invalidation The bearish outlook would weaken if Bitcoin: Closes decisively above $67,000 on the 4-hour timeframe. Converts resistance into support with increased trading volume. Continues forming higher highs and higher lows. Risk Factors Unexpected high-volume bullish momentum could trigger a breakout. Macroeconomic news or crypto-specific catalysts may invalidate the setup. Always wait for confirmation before entering a trade rather than anticipating the move.