Bitcoin is consolidating within a bullish pennant pattern just below the 120,000 level, following a sharp rally from the June lows. Price action has compressed between converging trendlines, forming higher lows and lower highs — a classic continuation formation in an uptrend.
Importantly, BTC remains well above prior resistance (now support) at 112,000, with both the 50-day SMA (109,837) and 200-day SMA (95,838) trending upward. This suggests strong medium- to long-term bullish structure.
Momentum indicators support the case for continuation:
MACD remains in positive territory, albeit with a slight bearish crossover, hinting at near-term indecision.
RSI is holding around 59.6, just below overbought, reflecting consolidation rather than distribution.
A breakout above the pennant resistance and psychological 120,000 barrier would likely trigger renewed bullish momentum, targeting fresh highs. Conversely, a breakdown below 116,000 could expose 112,000 as a key retest zone.
Bias: Bullish continuation favored while above 112,000. Watch for breakout confirmation from the pennant.
-MW
Importantly, BTC remains well above prior resistance (now support) at 112,000, with both the 50-day SMA (109,837) and 200-day SMA (95,838) trending upward. This suggests strong medium- to long-term bullish structure.
Momentum indicators support the case for continuation:
MACD remains in positive territory, albeit with a slight bearish crossover, hinting at near-term indecision.
RSI is holding around 59.6, just below overbought, reflecting consolidation rather than distribution.
A breakout above the pennant resistance and psychological 120,000 barrier would likely trigger renewed bullish momentum, targeting fresh highs. Conversely, a breakdown below 116,000 could expose 112,000 as a key retest zone.
Bias: Bullish continuation favored while above 112,000. Watch for breakout confirmation from the pennant.
-MW
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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.
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.