As we mentioned in our previous analysis, we expected #BTC to struggle breaking above the resistance zone at $122,120 – $123,218 — and that’s exactly what happened. BTC attracted liquidity just above this zone and quickly reacted downward.
This drop also filled the CME Gap at $119,100 – $117,425.
On the 12H spot chart, BTC is still within the support zone, with the 12H EMA50 holding as support. If Bitcoin is to move higher, it must hold this zone and rebound quickly.
Otherwise, a breakdown below the triangle support line could lead to moves toward:
🎯 $114,437
🎯 $111,337
🎯 $108,236
🎯 $103,822
🎯 $98,200
If volume picks up and BTC breaks above the resistance zone, the upside targets are:
🎯 $126,507
🎯 $130,473
🎯 $135,524
🚫 Right now is not the time for leverage trades. It’s crucial to wait and see which way Bitcoin breaks. Avoid greed and make decisions with clear judgment — either stay on the sidelines or stick to the spot market.
⚠️ As always, use a tight stop-loss and apply proper risk management.
This drop also filled the CME Gap at $119,100 – $117,425.
On the 12H spot chart, BTC is still within the support zone, with the 12H EMA50 holding as support. If Bitcoin is to move higher, it must hold this zone and rebound quickly.
Otherwise, a breakdown below the triangle support line could lead to moves toward:
🎯 $114,437
🎯 $111,337
🎯 $108,236
🎯 $103,822
🎯 $98,200
If volume picks up and BTC breaks above the resistance zone, the upside targets are:
🎯 $126,507
🎯 $130,473
🎯 $135,524
🚫 Right now is not the time for leverage trades. It’s crucial to wait and see which way Bitcoin breaks. Avoid greed and make decisions with clear judgment — either stay on the sidelines or stick to the spot market.
⚠️ As always, use a tight stop-loss and apply proper risk management.
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.