📊 Market Summary
– Bitcoin trades around $118,009, retreating from its intraday high of $118,330 .
– The recent rally was primarily fueled by $14.8 billion inflows into spot BTC ETFs, lifting BTC to an ATH of $123,000 on July 14
– Profit-taking has triggered a ~3% correction
– Market awaits key CPI/PPI inflation data and regulatory clarity in the US to guide next moves.
📉 Technical Analysis
• Resistance: $123,000 – $123,100 (all-time high zone, weekly candle top).
• Support: $114,000 – $115,000 (potential retest zone, IH&S neckline, CME gap)
• EMA 9: Price remains above all major EMAs (10/20/50/100/200 day) – bullish short-term trend
• Candles / Volume / Momentum:
• Confirmed inverted head and shoulders breakout above ~$113,000 neckline
• RSI ~74 suggests overbought; short term pullback possible
• MACD bullish but on chain volumes are cooling, reflecting profit taking
📌 Outlook
– Expect a short-term cooldown/pullback toward $114,000–$115,000 for support testing.
– If support holds and ETF inflows continue, BTC could resume rally toward $130,000–$140,000
💡 Trade Strategy
🟣 SELL BTC/USD upon break below $117,000–$118,000 during retrace
🎯 TP: $115,000
❌ SL: $118,500
🟢 BUY BTC/USD at support $114,000–$115,000
🎯 TP: $120,000 – $123,000
❌ SL: $113,000
– Bitcoin trades around $118,009, retreating from its intraday high of $118,330 .
– The recent rally was primarily fueled by $14.8 billion inflows into spot BTC ETFs, lifting BTC to an ATH of $123,000 on July 14
– Profit-taking has triggered a ~3% correction
– Market awaits key CPI/PPI inflation data and regulatory clarity in the US to guide next moves.
📉 Technical Analysis
• Resistance: $123,000 – $123,100 (all-time high zone, weekly candle top).
• Support: $114,000 – $115,000 (potential retest zone, IH&S neckline, CME gap)
• EMA 9: Price remains above all major EMAs (10/20/50/100/200 day) – bullish short-term trend
• Candles / Volume / Momentum:
• Confirmed inverted head and shoulders breakout above ~$113,000 neckline
• RSI ~74 suggests overbought; short term pullback possible
• MACD bullish but on chain volumes are cooling, reflecting profit taking
📌 Outlook
– Expect a short-term cooldown/pullback toward $114,000–$115,000 for support testing.
– If support holds and ETF inflows continue, BTC could resume rally toward $130,000–$140,000
💡 Trade Strategy
🟣 SELL BTC/USD upon break below $117,000–$118,000 during retrace
🎯 TP: $115,000
❌ SL: $118,500
🟢 BUY BTC/USD at support $114,000–$115,000
🎯 TP: $120,000 – $123,000
❌ SL: $113,000
Trade active
Price remains steady near $119,000 with no clear breakout. Traders are watching for reactions around the key 120K level.
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📊 Forex | Gold | Crypto Market Insights & Signals
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
📰 Real-time news updates & expert analysis
📈 Daily Buy/Sell signals for investors
💡 Technical breakdowns & market outlooks
🔗 Join our free group: t.me/+DmS-dVFJMm40MDM9
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.