After dropping to $103K, Bitcoin has made a wonderful recovery to $115.5K; but we now have a large shooting star candle on the daily timeframe.
So, is a retracement in play, or was this rally just a dead cat bounce? 👀
It's important to realise that Bitcoin has actually been rejected by a key level - the Point of Control (~$115.5K), the heaviest volume area of the entire range since tagging $120K.
A close above this could invite another test into $117K–$120K, but that zone remains packed with high-volume resistance (at 61.8 fib) and the Value Area High overhead.
On the other hand, the Dollar Index (DXY) has cleared its 100-day EMA and is now testing the psychological 100 level. If the dollar holds that breakout, BTC may struggle to sustain above the POC. But if DXY fades back under 98.7, it could give crypto some breathing room toward the $120K zone.
Key Levels:
🎯 Bias: Neutral-to-bearish until BTC breaks and holds above $120K or DXY confirms rejection from 100.
So, is a retracement in play, or was this rally just a dead cat bounce? 👀
It's important to realise that Bitcoin has actually been rejected by a key level - the Point of Control (~$115.5K), the heaviest volume area of the entire range since tagging $120K.
A close above this could invite another test into $117K–$120K, but that zone remains packed with high-volume resistance (at 61.8 fib) and the Value Area High overhead.
On the other hand, the Dollar Index (DXY) has cleared its 100-day EMA and is now testing the psychological 100 level. If the dollar holds that breakout, BTC may struggle to sustain above the POC. But if DXY fades back under 98.7, it could give crypto some breathing room toward the $120K zone.
Key Levels:
- BTC Resistance: $117.3K–$120K
- BTC Support: $111K / $108K
- DXY Resistance: 100.00
- DXY Support: 98.7
🎯 Bias: Neutral-to-bearish until BTC breaks and holds above $120K or DXY confirms rejection from 100.
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Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
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Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
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.
Trading leveraged products carries a high level of risk and may result in losses exceeding your initial investment; ensure you fully understand the risks involved.
-
Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
-
Use your TradingView charts to trade your Alchemy account: bit.ly/42vUfjL
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.