Bearish Arguments (more dominant now):
Triple confluence: Double Top + Rising Wedge + RSI Divergence → strong bearish case.
If price closes below $112k, this could trigger accelerated downside selling.
Next possible support levels:
$105k (previous demand zone & trendline support)
$96k (stronger historical level)
Bullish Arguments (less strong):
As long as price holds above $112k–113k, bulls are still in control.
A bounce from this zone could invalidate the bearish wedge in short-term.
RSI at ~51 means market isn’t oversold yet → room for downside remains.
Forecasting Outlook
Bias: Bearish, unless BTC reclaims momentum above $120k+ with strong volume.
If breakdown happens, target zone = $105k → $96k.
If support holds, BTC may consolidate sideways before another attempt upward.
Triple confluence: Double Top + Rising Wedge + RSI Divergence → strong bearish case.
If price closes below $112k, this could trigger accelerated downside selling.
Next possible support levels:
$105k (previous demand zone & trendline support)
$96k (stronger historical level)
Bullish Arguments (less strong):
As long as price holds above $112k–113k, bulls are still in control.
A bounce from this zone could invalidate the bearish wedge in short-term.
RSI at ~51 means market isn’t oversold yet → room for downside remains.
Forecasting Outlook
Bias: Bearish, unless BTC reclaims momentum above $120k+ with strong volume.
If breakdown happens, target zone = $105k → $96k.
If support holds, BTC may consolidate sideways before another attempt upward.
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.
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.