Market Overview:
Bitcoin surged to the 123,000 resistance zone, completing a potential ABC bullish pattern. The price has since pulled back sharply, indicating the start of a correction. Current price action suggests consolidation within the 116,600 – 123,000 range, as traders lock in profits and reassess direction.
Technical Signals & Formations:
— ABC bullish pattern completed at the top
— Strong weekly resistance at 123,000
— Horizontal support at 116,600 acting as key pivot
— EMA(144) far below, suggesting room for deeper correction if weakness persists
Key Levels:
Resistance: 123,000, 126,000
Support: 116,600, 113,800, 113,000, 110,580
Scenario:
Primary: continued pullback toward 116,600. A breakdown below this level may lead to further downside targeting 113,800–113,000.
Alternative: stabilization within the range, followed by a rebound and potential retest of 123,000.
Bitcoin surged to the 123,000 resistance zone, completing a potential ABC bullish pattern. The price has since pulled back sharply, indicating the start of a correction. Current price action suggests consolidation within the 116,600 – 123,000 range, as traders lock in profits and reassess direction.
Technical Signals & Formations:
— ABC bullish pattern completed at the top
— Strong weekly resistance at 123,000
— Horizontal support at 116,600 acting as key pivot
— EMA(144) far below, suggesting room for deeper correction if weakness persists
Key Levels:
Resistance: 123,000, 126,000
Support: 116,600, 113,800, 113,000, 110,580
Scenario:
Primary: continued pullback toward 116,600. A breakdown below this level may lead to further downside targeting 113,800–113,000.
Alternative: stabilization within the range, followed by a rebound and potential retest of 123,000.
Stop losing money on random trades. Get ready-to-use signals with entry, stop-loss, and targets. Over +1100% profit. 1 month free. Simple. Clear. Profitable.
Join now: t.me/+ve3cSINHpoowNDIy
Join now: t.me/+ve3cSINHpoowNDIy
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.
Stop losing money on random trades. Get ready-to-use signals with entry, stop-loss, and targets. Over +1100% profit. 1 month free. Simple. Clear. Profitable.
Join now: t.me/+ve3cSINHpoowNDIy
Join now: t.me/+ve3cSINHpoowNDIy
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.