$BTC /USDT – Short Setup in Play

Bitcoin is still stuck in a clear downtrend after failing to hold above 124,474. Each bounce has been weaker, with lower highs and lower lows forming. The latest push up stalled near 118,420 before sellers stepped back in, showing that downward pressure remains strong.

Here’s the thinking:

The market is rejecting key resistance and staying below it, with strong red candles confirming seller momentum. If support around 117,000 gives way, there’s room for a deeper drop.

Trade Plan:

Entry: Around 117,800–118,000 on a small bounce

Stop Loss: 118,500 (above last resistance)

Target 1: 116,800

Target 2: 115,800

Target 3: 115,200

Risk/Reward:

Target 2 offers roughly 2:1 reward vs. risk, and Target 3 could reach 3:1 if the decline extends.

Odds:

Target 1 looks likely (about 70% chance). Target 3 is less certain (around 55%) since it depends on breaking 116,800 without a rebound.