Bitcoin is currently trading around $121,575, consolidating near a key decision point where price action meets both resistance and the ascending support trendline.
Key Technical Zones
• Resistance Zone: 121,400 – 121,800
This area has acted as a rejection zone multiple times, forming the current decision point.
• Support Trendline: Connecting higher lows, showing bullish structure short-term.
• Demand Zone: 119,600 – 120,200
A strong reaction zone where price previously reversed — potential target if price breaks down.
Market Structure
• Multiple CHoCH (Change of Character) signals indicate short-term range-bound behavior.
• BOS (Break of Structure) confirms local bullish momentum but price is nearing resistance.
• Decision Point: Market could break either way soon, watch for confirmation.
Scenarios
Bullish:
• Break and close above resistance with retest → potential rally toward 122,800 – 123,200 target zone.
Bearish:
• Rejection from resistance or break below support trendline → possible drop toward Demand Zone (120,000 area).
Summary
Price is at a critical juncture — watch closely for breakout or rejection signals around 121,600. Traders should wait for confirmation before entering positions.
Key Technical Zones
• Resistance Zone: 121,400 – 121,800
This area has acted as a rejection zone multiple times, forming the current decision point.
• Support Trendline: Connecting higher lows, showing bullish structure short-term.
• Demand Zone: 119,600 – 120,200
A strong reaction zone where price previously reversed — potential target if price breaks down.
Market Structure
• Multiple CHoCH (Change of Character) signals indicate short-term range-bound behavior.
• BOS (Break of Structure) confirms local bullish momentum but price is nearing resistance.
• Decision Point: Market could break either way soon, watch for confirmation.
Scenarios
Bullish:
• Break and close above resistance with retest → potential rally toward 122,800 – 123,200 target zone.
Bearish:
• Rejection from resistance or break below support trendline → possible drop toward Demand Zone (120,000 area).
Summary
Price is at a critical juncture — watch closely for breakout or rejection signals around 121,600. Traders should wait for confirmation before entering positions.
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.