Bitcoin (BTCUSD) has rallied sharply from $110K to $124K, gaining strong bullish momentum. Price is now trading well above the 20/50/100/200 SMAs, confirming the uptrend. However, RSI is entering the overbought zone, suggesting a possible short-term pullback before continuation.
🔹 Technicals
Trend: Strong Bullish (above all major SMAs)
Resistance: $124,500 – $126,000
Support: $122,500 (20 SMA), $120,000, $118,000
RSI: Near 70–75 → Overbought, slight bearish divergence
✅ Bullish Case:
If price sustains above $122,500 and breaks $126,000, we may see an extension toward $128,000 – $130,000.
⚠️ Bearish Case (Pullback):
Failure to break $126,000 could trigger a correction toward $120,000 – $118,000 before another leg higher.
📌 Trading Plan
Long Entry (dip-buy): $122,500 – $120,000
Target: $126,000 → $128,000 → $130,000
Stop Loss: Below $118,000
🔑 Summary
Bitcoin remains in a strong bullish trend, but the market is short-term overheated. Best opportunities are on dips or a confirmed breakout above $126K.
🔹 Technicals
Trend: Strong Bullish (above all major SMAs)
Resistance: $124,500 – $126,000
Support: $122,500 (20 SMA), $120,000, $118,000
RSI: Near 70–75 → Overbought, slight bearish divergence
✅ Bullish Case:
If price sustains above $122,500 and breaks $126,000, we may see an extension toward $128,000 – $130,000.
⚠️ Bearish Case (Pullback):
Failure to break $126,000 could trigger a correction toward $120,000 – $118,000 before another leg higher.
📌 Trading Plan
Long Entry (dip-buy): $122,500 – $120,000
Target: $126,000 → $128,000 → $130,000
Stop Loss: Below $118,000
🔑 Summary
Bitcoin remains in a strong bullish trend, but the market is short-term overheated. Best opportunities are on dips or a confirmed breakout above $126K.
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.