Bitcoin is currently sitting at a critical decision point near the 124,120 level after a Break of Structure (BOS) to the downside, following a Change of Character (ChoCH) at the top.
Key Technical Zones:
Support Zone: Price is testing a marked support area, which has previously acted as a demand zone. This zone could trigger a bullish reaction.
Strong Low: If this level breaks, bearish momentum could accelerate.
Weak High: May be targeted if price finds support and reverses.
Decision Point: The current price level acts as a pivot, determining whether the market will:
Bounce and aim for the upper target near 126,013, or
Break down towards the lower target below 121,000.
Scenarios:
Bullish Scenario:
If price holds the support zone and breaks recent BOS highs, the market may rally toward the 126K target.
Bearish Scenario:
A breakdown below the support and the strong low could trigger a move toward the 121K area.
Conclusion:
Monitor the support zone closely. A strong bullish reaction could confirm a long setup toward 126K, while a clean break below the strong low confirms further downside.
Key Technical Zones:
Support Zone: Price is testing a marked support area, which has previously acted as a demand zone. This zone could trigger a bullish reaction.
Strong Low: If this level breaks, bearish momentum could accelerate.
Weak High: May be targeted if price finds support and reverses.
Decision Point: The current price level acts as a pivot, determining whether the market will:
Bounce and aim for the upper target near 126,013, or
Break down towards the lower target below 121,000.
Scenarios:
Bullish Scenario:
If price holds the support zone and breaks recent BOS highs, the market may rally toward the 126K target.
Bearish Scenario:
A breakdown below the support and the strong low could trigger a move toward the 121K area.
Conclusion:
Monitor the support zone closely. A strong bullish reaction could confirm a long setup toward 126K, while a clean break below the strong low confirms further downside.
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.