Bitcoin is currently pulling back from its July high near $122,000, but the structure on the daily chart shows a potential bull flag forming. Price action is now hovering around the $113,600–$112,000 support area, which aligns closely with the 50-day SMA ($110,627) and the lower boundary of the flag.
The broader trend remains bullish, as price continues to trade well above the 200-day SMA ($97,279), and the recent consolidation appears orderly rather than impulsive.
Momentum indicators:
MACD is in bearish territory and descending, reflecting short-term weakness.
RSI sits at 48.16, near neutral, offering room for movement in either direction.
A confirmed breakout above the flag’s upper trendline would signal potential continuation of the larger uptrend. However, a breakdown below $112,000 would invalidate the bullish flag scenario and possibly expose BTC to the psychological $100,000 level next.
Key Levels:
Resistance: $118,000–$120,000 (flag top).
Support: $113,600 and $112,000 (flag base and 50 SMA); $100,000 psychological level below.
Structure: Bull flag within a broader uptrend.
This remains a high-stakes zone for Bitcoin bulls. A decisive move out of this consolidation pattern will likely dictate the next major leg.
-MW
The broader trend remains bullish, as price continues to trade well above the 200-day SMA ($97,279), and the recent consolidation appears orderly rather than impulsive.
Momentum indicators:
MACD is in bearish territory and descending, reflecting short-term weakness.
RSI sits at 48.16, near neutral, offering room for movement in either direction.
A confirmed breakout above the flag’s upper trendline would signal potential continuation of the larger uptrend. However, a breakdown below $112,000 would invalidate the bullish flag scenario and possibly expose BTC to the psychological $100,000 level next.
Key Levels:
Resistance: $118,000–$120,000 (flag top).
Support: $113,600 and $112,000 (flag base and 50 SMA); $100,000 psychological level below.
Structure: Bull flag within a broader uptrend.
This remains a high-stakes zone for Bitcoin bulls. A decisive move out of this consolidation pattern will likely dictate the next major leg.
-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.