⚠️ Market Trend (Short-Term):* The price is currently trading *below the 7, 25, and 99 MA*, indicating *short-term bearish pressure*. There was a lower high and lower low formation, which confirms *a downtrend continuation* unless strong support holds.
Trade Setup (Short Position):
-Entry (Sell): 116,930 – 116,950 - Stop Loss (SL): 117,500 (Above recent high/resistance) - Take Profit (TP): - TP1: 116,300 (previous support) - TP2: 115,800 (extended target if breakdown continues)
Reasoning: - MA crossover suggests weakness. - Volume is decreasing slightly – no strong reversal signal yet. - Price failed to reclaim above 117,500 – indicating resistance.
Note:If BTC breaks above 117,500 with volume, exit the short — it might flip bullish.