Bitcoin is currently consolidating between $117,000 support and $120,000 resistance, forming a tight sideways range after a strong breakout.
🔹 Structure Insight:
Bullish rally stalled at $120K resistance zone.
Range-bound candles with wicks on both ends = indecision.
Strong demand zone near $117K, acting as short-term floor.
🔸 Indicators Flash Neutral Bias:
RSI cooling off below overbought zone (~63) – no strong momentum.
ADX low and flattening – trend weakening.
MACD losing strength – bull momentum fading.
Volume declining during consolidation = awaiting catalyst.
🟢 Bullish Trigger: Break above $120K with strong volume could ignite next leg up → Targets: $122K–$127K
🔴 Bearish Trigger: Breakdown below $117K opens door to $114K–$112K retest.
🧭 Outlook: Sideways range – wait for breakout confirmation before positioning aggressively.
🔹 Structure Insight:
Bullish rally stalled at $120K resistance zone.
Range-bound candles with wicks on both ends = indecision.
Strong demand zone near $117K, acting as short-term floor.
🔸 Indicators Flash Neutral Bias:
RSI cooling off below overbought zone (~63) – no strong momentum.
ADX low and flattening – trend weakening.
MACD losing strength – bull momentum fading.
Volume declining during consolidation = awaiting catalyst.
🟢 Bullish Trigger: Break above $120K with strong volume could ignite next leg up → Targets: $122K–$127K
🔴 Bearish Trigger: Breakdown below $117K opens door to $114K–$112K retest.
🧭 Outlook: Sideways range – wait for breakout confirmation before positioning aggressively.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.