Repeated rejection at $98-$102 resistance suggests a potential bull trap and downside risk to $88
Too little corroboration in the last 3 days to call a trend (1 article). Watching for it to gain traction.
Crypto analyst Haris describes the current structure as a possible bull trap due to repeated rejection of resistance between $98-$102, suggesting downside risk could extend to $88. This pattern of failed breakout attempts signals weakening conviction among buyers at higher price levels.
Repeated rejection at resistance levels often precedes reversals because it indicates sellers are consistently overwhelming buyers at those prices, which can trigger stop-loss cascades and shift market structure. Recognizing failed breakout patterns helps investors avoid entering positions at inflection points where momentum is reversing.
"Crypto analyst Haris offered a more cautious assessment, describing the current structure as a possible bull trap because of repeated resistance between $98 and $102. According to the analyst, failure to hold that level could lead to a deeper decline toward $80–$88."