#BTC Update #8 – July 21, 2025
Bitcoin isn’t moving in a textbook symmetrical triangle, but it’s trading in a similar, tight range, mostly bouncing around the highlighted box area in the chart. It’s attempting a new impulsive leg, but $120,000 remains a key resistance level, having rejected price several times already.
As long as $116,500 holds, there's no major risk for Long bias. However, considering the triangle-like structure, the short-term upside is limited to about 2% for now.
A breakout above the upper edge of this structure, particularly if $123,200 is broken with strong volume — would justify a Long position. Until then, I don’t plan on entering any trades.
The last corrective move has completed, and my next major upside target is $127,900. If further correction occurs, watch for potential support around $115,000, $113,000, and the strong base at $112,000 — though I don’t expect price to fall that low.
Bitcoin isn’t moving in a textbook symmetrical triangle, but it’s trading in a similar, tight range, mostly bouncing around the highlighted box area in the chart. It’s attempting a new impulsive leg, but $120,000 remains a key resistance level, having rejected price several times already.
As long as $116,500 holds, there's no major risk for Long bias. However, considering the triangle-like structure, the short-term upside is limited to about 2% for now.
A breakout above the upper edge of this structure, particularly if $123,200 is broken with strong volume — would justify a Long position. Until then, I don’t plan on entering any trades.
The last corrective move has completed, and my next major upside target is $127,900. If further correction occurs, watch for potential support around $115,000, $113,000, and the strong base at $112,000 — though I don’t expect price to fall that low.
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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.