The broader market structure on BTCUSD remains bullish following a clean Change of Character (CHoCH) at 119,839, which signaled the end of the previous downtrend. This was later confirmed by a Break of Structure (BOS) to the upside. After forming a higher low near $111,903.68, price has steadily climbed, creating a sequence of higher highs and higher lows. This structure suggests the market is in a bullish continuation phase.
A strong demand zone is evident between $113,800 and $114,400, where buyers previously stepped in aggressively, leading to a sharp rally. The price barely consolidated in this area before moving upward, confirming it as a solid zone of interest. Above current price, there's a large supply zone between $118,400 and $119,600, where price last dropped sharply—indicating strong selling pressure.
Currently, price is trading around $115,300, just below the 0.5 retracement level at $115,871, and has printed bullish momentum candles into this resistance area. The most likely price action is a pullback into the green demand zone ($114,400–$114,000) before resuming upward toward the supply zone around $118,400–$119,600.
Trade bias: Bullish
Expected direction: Upward after a possible pullback
Invalidation level: Break below $113,800 would invalidate short-term bullish bias
Momentum condition: Momentum currently favors buyers, with strong bullish candles and higher lows
Candle behavior: No signs of exhaustion yet, indicating strength in the move
A strong demand zone is evident between $113,800 and $114,400, where buyers previously stepped in aggressively, leading to a sharp rally. The price barely consolidated in this area before moving upward, confirming it as a solid zone of interest. Above current price, there's a large supply zone between $118,400 and $119,600, where price last dropped sharply—indicating strong selling pressure.
Currently, price is trading around $115,300, just below the 0.5 retracement level at $115,871, and has printed bullish momentum candles into this resistance area. The most likely price action is a pullback into the green demand zone ($114,400–$114,000) before resuming upward toward the supply zone around $118,400–$119,600.
Trade bias: Bullish
Expected direction: Upward after a possible pullback
Invalidation level: Break below $113,800 would invalidate short-term bullish bias
Momentum condition: Momentum currently favors buyers, with strong bullish candles and higher lows
Candle behavior: No signs of exhaustion yet, indicating strength in the move
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Looking for powerful AI trading signals? Visit ProSignal.ai and take your trading to the next level! or join our telegram channel at t.me/prosignalai
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.