BTC/USD chart indicates a potential bearish reversal BitcoinCRYPTO:BTCUSDGold_Dominator3331. Market Context •Current Price: Around $117,216. •Trend Bias: Recently bullish in the medium term (series of higher highs and higher lows), but chart indicates a potential bearish reversal from the resistance zone. 2. Key Levels •Major Resistance Zone: $123,000 – $124,000 (marked with a green box and “RESISTANCE” label). •Major Support Zone: $112,000 – $113,000 (target area for the short setup). •Immediate Resistance: Around $121,000 – $122,000 (Sell-side liquidity area with FVG). 3. Technical Tools & Confluences •Fibonacci Levels: Multiple retracements plotted: •From recent swing low to swing high, price has reacted near the 0.786 and 0.886 retracement zones. •Order Block: Bullish order block marked around the $108,000 – $110,000 zone from a previous accumulation phase. •Fair Value Gaps (FVG): •Multiple FVG zones are marked in red and green, acting as supply areas where price may react. •Break of Structure (BOS): Indicated after the sharp bearish move in late July, showing shift in momentum before the rally. ⸻ 4. Price Action Insights •Price previously rejected from a major resistance area (red arrows). •Strong bullish legs formed after each liquidity grab (highlighted with blue zig-zag lines). •Current price is inside a supply/FVG zone, suggesting possible exhaustion of buyers. •Projection: Short-term bearish move toward $113,000 target after confirmation of rejection. 5. Trade Idea (Bearish) •Entry Zone: Around $120,500 – $121,000. •Stop Loss: Above $123,500 (just above resistance & FVG supply). •Target: $113,055 (major support & demand area). •Risk-to-Reward: Approx. 1:3+ based on chart layout. ⸻ 6. Professional Take This setup is a classic ICT-style trade idea — it uses liquidity grabs, fair value gaps, and order blocks to anticipate a retracement toward a high-probability demand zone. If price fails to break above $123K with strong momentum, the short idea remains valid. However, a breakout above this level would invalidate the setup and potentially target $125K+.