BTC has broken below its ascending trendline from early August, signaling a shift in momentum. Price is now bouncing toward the $119.8K–$120K zone, which aligns with both the broken trendline and prior support a strong potential resistance.
Key Levels:
Resistance: $119800 –$120500
Targets: $117300K → $116400 → $114500
Deeper Target: $112800 if $114500 breaks
The breakdown came with strong sell volume, while the current bounce is weaker, favoring the bearish scenario: rejection at resistance followed by continuation toward $114500.
A 4H close above $121500 with strong volume would invalidate this bearish view.
Bias: Bearish until $121500 reclaimed.
Key Levels:
Resistance: $119800 –$120500
Targets: $117300K → $116400 → $114500
Deeper Target: $112800 if $114500 breaks
The breakdown came with strong sell volume, while the current bounce is weaker, favoring the bearish scenario: rejection at resistance followed by continuation toward $114500.
A 4H close above $121500 with strong volume would invalidate this bearish view.
Bias: Bearish until $121500 reclaimed.
Trade active
Note
Target 1 hit 
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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.