Market Overview:
Bitcoin surged to the 118,000 zone, testing the weekly resistance at 116,577 and marking a local top near 121,100. A pullback followed, but the price remains above the key monthly level at 112,097. The overall market structure remains bullish, and another upward leg is likely after consolidation.
Technical Signals & Formations:
— Completed extended ABCD pattern
— Breakout and retest of 112,097
— Support zone between 113,856 and 112,000
— EMA and price structure support the uptrend
Key Levels:
Support: 113,856, 112,097
Resistance: 116,577, 121,108
Scenario:
Primary: as long as BTC holds above 112,000 and forms bullish confirmation on H4, a move toward 116,577 and 121,108 remains likely.
Alternative: a drop below 112,000 may lead to a deeper correction toward 108,140–107,290.
Bitcoin surged to the 118,000 zone, testing the weekly resistance at 116,577 and marking a local top near 121,100. A pullback followed, but the price remains above the key monthly level at 112,097. The overall market structure remains bullish, and another upward leg is likely after consolidation.
Technical Signals & Formations:
— Completed extended ABCD pattern
— Breakout and retest of 112,097
— Support zone between 113,856 and 112,000
— EMA and price structure support the uptrend
Key Levels:
Support: 113,856, 112,097
Resistance: 116,577, 121,108
Scenario:
Primary: as long as BTC holds above 112,000 and forms bullish confirmation on H4, a move toward 116,577 and 121,108 remains likely.
Alternative: a drop below 112,000 may lead to a deeper correction toward 108,140–107,290.
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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.