Is This the Bottom? BTC Gears Up for a Potential Rally to $123K

4 days ago

🔹 BTC/USD Technical Analysis

▪ Current Price Overview

▫Current Price: $111,865
▫Bitcoin is currently consolidating just above a minor support area after a steep drop from the All-Time High (ATH) of $126K. The recent bounce suggests buyers are stepping in near demand zones, but confirmation of bullish continuation is still needed.

🔹 Key Technical Zones

✅ Demand Zone for Bull Run ($109K–$110.5K)

This zone previously acted as a strong launchpad, fueling the move towards $126K.
The current price is once again testing this area, indicating potential for another bullish reversal.
The large bullish candle from this zone in late September reinforces its importance as a high-liquidity region where institutions or smart money may be active.

🔽 Minor Support Area (Current Region)

Price is hovering near this support zone, which coincides with the lower wick of recent candles.
A successful retest and hold here could form a higher low, suggesting early signs of a reversal pattern.

🔼 Minor Resistance Area ($113K)

Identified as a near-term hurdle for bulls.
Traders may look for a break and close above this level, ideally with increased volume, to confirm bullish strength.
A breakout here would open the path toward higher targets.

🎯 Key Target Levels

📍 1st Target – $117,137

Previous resistance zone where price reacted during its last upward move.
A logical level for partial profit-taking or for traders to reduce risk.

🎯 Final Target / Supply Zone $120K–$123K

Strong historical supply zone where sellers previously overwhelmed buyers, leading to the most recent correction.
If price reaches this level again, expect high volatility and potential resistance or rejection.
Serves as a major take-profit zone for swing traders.

📈 Trendline Analysis

Downward Trendline (Mid-September to Late September):
Was broken decisively, which initiated the strong bullish leg.
Upward Trendline (Late September to October 10):
Recently broken to the downside, suggesting temporary bearish pressure.
However, price is stabilizing around demand zones, hinting at a possible recovery.

📌 Summary & Outlook

The current consolidation near the minor support area and demand zone offers a potential buying opportunity, especially if bullish momentum resumes.

▪Traders should monitor:
▫A clean breakout above $113K with strong volume.
▫ Confirmation of a higher low.
If confirmed, BTC could rally towards $117K and possibly extend to the $120K–$123K supply zone.
▫ Conversely, a breakdown below $109K would invalidate this setup and shift the bias to bearish.

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4 days ago

Trade active

4 days ago

Note

400 pips+ achieved,

3 days ago

Note

1st target reached, 116k$

3 days ago

Note

3 days ago

Note

minor support is last hope for buyers,

2 days ago

Note

one more layer activated from minor support area, so hold your trades now

10 hours ago

Trade closed manually