Local Top Confirmed, Short-Term Bearish Pressure BuildingBitcoin / USDTMEXC:BTCUSDTKraymer71BTC/USDT 1H – Local Top Confirmed, Short-Term Bearish Pressure Building 📍 Timeframe: 1 Hour 📍 Exchange: MEXC 📍 Pair: BTC/USDT 📍 Bias: Short-term bearish, watching for support re-test near 116k Market Context: BTC broke out aggressively earlier in the week, pushing above the 120k psychological level before forming a local top near 122k. Since then, we’ve seen: A strong rejection wick at the top Lower highs forming A bearish engulfing candle marking the shift in momentum Technical Observations: Bearish Signs: MACD histogram rolling over, showing fading bullish momentum QQE MOD flipping red, indicating a shift toward bearish control RSI crossing below 50 and trending downward — loss of bullish strength A clean rejection off recent highs, creating a double top feel Volume on the recent sell candle is higher than average, suggesting strength in the move down Support Zones to Watch: 116.5k: Prior breakout zone and most recent demand zone 114.8k – 115.2k: Volume consolidation area; if broken, may invite sharper downside 112k: Key structure zone from previous sideways range Potential Scenarios: Bearish Continuation (more likely short term): Break below 116.5k could lead to fast drop to 114.8k support RSI and MACD momentum align with this move Look for breakdown confirmation with volume spike + close under structure Bullish Reversal (less likely unless invalidation): Hold above 116.5k + reclaim of 118.2k with strength RSI must turn up above 50 and MACD histogram flip blue Could target re-test of 120k–121k if bullish momentum returns Trading Approach: Short-term traders may look for pullbacks to short under 118k with 116.5k as the first target Swing traders should be cautious and wait for confirmation at 116k–115k zone before considering long re-entries Avoid chasing breakouts — let the market confirm direction first Conclusion: BTC on the 1H chart shows signs of exhaustion after a strong run. The market is leaning toward a correction phase. Watch the key support levels — they will dictate whether this is a short-term dip or the start of a deeper move.