BTC is hovering just below the 200 EMA, having recently bounced off it with a small recovery candle.
The recent downtrend from the $121K peak has flattened, and price is forming a potential short-term base above the $117K support.
There's low-volume chop, suggesting indecision or a pause before the next leg.
Key Technical Levels
Support zone: $117,200 – $117,500 (200 EMA + recent wick support)
Resistance zone: $118,500 – $119,000 (cluster of short EMAs + prior supply)
Breakout level: $119,500 (for a bullish continuation)
Breakdown level: $116,800 (for further downside)
Indicator Insights
RSI: 42.86 and curling up slightly → shows a potential recovery attempt but still below neutral.
QQE MOD: Deep in bearish territory (–8.53), but we’re seeing the first signs of easing negative momentum.
ATR: 681 and gradually falling → declining volatility, aligning with consolidation.
Bias & Scenarios
Bullish Case:
If BTC holds above the 200 EMA and breaks above $118.5K with volume, we could see a retest of the $119.5K–$120K zone.
RSI breaking 50 and QQE printing lighter red would confirm upward momentum.
Bearish Case:
Failure to reclaim EMAs and a drop below $117K could send price toward $116K or even back to the breakout base at $114.5K.
Watch for volume spikes on red candles and RSI breaking back under 40.
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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.