BTC has rebounded strongly from the lower boundary of the descending channel, supported by a recovery in momentum indicators from oversold territory. This move has pushed price toward the upper trendline resistance, with bullish momentum eyeing key liquidity levels.
A CME gap lies just ahead, acting as a potential magnet for price action. The immediate long target sits at $115,450, aligning with the identified liquidity zone and serving as the first area of interest for partial profit-taking. Sustained bullish pressure could lead to a test of the upper channel resistance near $121,400.
However, traders should monitor price reaction closely — a rejection from resistance could trigger a retracement toward mid-channel support or even back to the lower boundary around $108,000.
Key levels to watch:
Long Target: $115,450 (Liquidity zone)
Resistance: ~$121,400 (Upper channel boundary)
Lower Support: ~$108,000 (Channel base)
📊 Bias: Short-term bullish toward $115,450, but still trading within a larger corrective structure. Reaction at $121,400 will be critical for the next trend leg.
A CME gap lies just ahead, acting as a potential magnet for price action. The immediate long target sits at $115,450, aligning with the identified liquidity zone and serving as the first area of interest for partial profit-taking. Sustained bullish pressure could lead to a test of the upper channel resistance near $121,400.
However, traders should monitor price reaction closely — a rejection from resistance could trigger a retracement toward mid-channel support or even back to the lower boundary around $108,000.
Key levels to watch:
Long Target: $115,450 (Liquidity zone)
Resistance: ~$121,400 (Upper channel boundary)
Lower Support: ~$108,000 (Channel base)
📊 Bias: Short-term bullish toward $115,450, but still trading within a larger corrective structure. Reaction at $121,400 will be critical for the next trend leg.
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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.