BITCOIN (BTC/USD) TECHNICAL ANALYSIS — BEARISH RETEST SETUPBitcoin / U.S. dollarBITSTAMP:BTCUSDLABA_GOLD_TRADINGPair: Bitcoin (BTC/USD) Timeframe: 30-Minute Current Price: 121,200 Trend: Uptrend inside ascending channel, currently showing bearish correction 📊 Chart Analysis Rising Channel (Pink Zone): BTC has been trading inside an ascending channel since early October. The recent movement shows a rejection at the upper boundary, followed by a pullback to the lower boundary of the channel. Support Level (Blue Zone): Identified between 126,200 – 127,400, previously acted as resistance, now turned potential support. Price might retest this zone before confirming the next move. Bearish Setup: The projection suggests that price may retest the support, then reverse downwards toward the target zone near 119,800 – 119,700. Entry Point: 126,238 – 126,254, ideal zone to enter a short position after a pullback. Stop Loss: 127,435 – 127,446, above the resistance and previous highs — protecting against false breakouts. Target Point: 119,812 – 119,795, lower channel boundary and next support area. 📈 Expected Price Movement Current retracement may continue slightly upward to retest the blue resistance zone. If price fails to break 127,400, a strong bearish rejection is expected. Target zone sits around 119,800, completing a channel cycle. ✅ Summary ParameterLevel (USD)Notes Entry126,238Short entry near resistance Stop Loss127,435Above resistance Target119,812Next support zone BiasBearishSell on retest RR Ratio~3:1Good short setup