Bitcoin is currently trading within a defined range under macro resistance. The chart shows price stalling below a key supply zone, with rejection from the upper Keltner Channel and diagonal resistance (yellow trendline). A local bearish divergence appears to be playing out as momentum fades.
📉 Short Position Setup:
Entry: $119,275 (supply retest)
Stop Loss: Above local high / top channel boundary
Targets:
TP1: $117,163 (38.2% Fib)
TP2: $115,858 (61.8% Fib)
TP3: $113,746 (full measured move)
Confluence:
Bearish rejection near multi-touch trendline resistance
Lower high formation after extended consolidation
Heikin Ashi candles showing loss of bullish momentum
Watch for: Breakdown of the white trendline support to confirm momentum shift. Invalidation if BTC closes strongly above $120,000.
Timeframe: 4H | Strategy: Range Reversal + Fib Confluence
📉 Short Position Setup:
Entry: $119,275 (supply retest)
Stop Loss: Above local high / top channel boundary
Targets:
TP1: $117,163 (38.2% Fib)
TP2: $115,858 (61.8% Fib)
TP3: $113,746 (full measured move)
Confluence:
Bearish rejection near multi-touch trendline resistance
Lower high formation after extended consolidation
Heikin Ashi candles showing loss of bullish momentum
Watch for: Breakdown of the white trendline support to confirm momentum shift. Invalidation if BTC closes strongly above $120,000.
Timeframe: 4H | Strategy: Range Reversal + Fib Confluence
Trade active
Trade closed: target reached
Tp 1 + TP 2 hit 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.