📊 Price Action Analysis
Rejection at Major Supply Zone ($120K)
Price reached a strong supply/sell zone between $120K and $123K, marked in red.
$120,000: Psychological round number — major supply area.
Price got rejected after multiple days of consolidation under this level.
Support, Resistance Levels and Trendlines
$116,010: Horizontal S/R — acted as temporary support, now resistance.
$111,999.79: Key horizontal support.
Blue PA (D)s trendline has been broken bearishly — indicating a change in short-term market structure.
Momentum is currently in a pullback/retracement phase after strong rally from late June to mid-July.
Volume Analysis
Volume is declining during the pullback — typical of retracements and not full-blown reversals.
No major volume spike indicating panic selling.
Fibonacci Retracement Analysis (Recent Swing High to Swing Low)
Key levels:
0.786: $117,820.25 — Rejected here.
0.618: $113,626.61 — Currently testing this level, price slightly above.
0.5: $110,681.08 — Next support if rejection at 0.618 persists.
0.382: $107,735.54
0.236: $104,091.07
0%: $98,200.00 — Full retracement base.
Price is showing hesitation at the 0.618, which is a crucial level in Fibonacci theory. A break and hold below this could accelerate the drop toward $110.6K and beyond.
RSI Analysis (Daily)
RSI is around 46.46 — moving below midline (50), showing weakening momentum.
Bearish divergence confirmed: price made a higher high while RSI made a lower high → bearish reversal signal.
Bullish if:
BTC reclaims $116K, closes above $120K — invalidates rejection.
RSI bounces from current level with volume support.
Bearish Bias:
Currently, structure broke down.
Testing 0.618 Fib level; failure here likely brings price to: $110,681
Rejection at Major Supply Zone ($120K)
Price reached a strong supply/sell zone between $120K and $123K, marked in red.
$120,000: Psychological round number — major supply area.
Price got rejected after multiple days of consolidation under this level.
Support, Resistance Levels and Trendlines
$116,010: Horizontal S/R — acted as temporary support, now resistance.
$111,999.79: Key horizontal support.
Blue PA (D)s trendline has been broken bearishly — indicating a change in short-term market structure.
Momentum is currently in a pullback/retracement phase after strong rally from late June to mid-July.
Volume Analysis
Volume is declining during the pullback — typical of retracements and not full-blown reversals.
No major volume spike indicating panic selling.
Fibonacci Retracement Analysis (Recent Swing High to Swing Low)
Key levels:
0.786: $117,820.25 — Rejected here.
0.618: $113,626.61 — Currently testing this level, price slightly above.
0.5: $110,681.08 — Next support if rejection at 0.618 persists.
0.382: $107,735.54
0.236: $104,091.07
0%: $98,200.00 — Full retracement base.
Price is showing hesitation at the 0.618, which is a crucial level in Fibonacci theory. A break and hold below this could accelerate the drop toward $110.6K and beyond.
RSI Analysis (Daily)
RSI is around 46.46 — moving below midline (50), showing weakening momentum.
Bearish divergence confirmed: price made a higher high while RSI made a lower high → bearish reversal signal.
Bullish if:
BTC reclaims $116K, closes above $120K — invalidates rejection.
RSI bounces from current level with volume support.
Bearish Bias:
Currently, structure broke down.
Testing 0.618 Fib level; failure here likely brings price to: $110,681
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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.
Learn! Invest! Earn!
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.