BTC recovers, maintains long-term growth💎 MIDWEEK BTC PLAN UPDATE (20/08)
BTC Technical Outlook (Daily)
Current Trend:
BTC is in a corrective phase after failing to break above the 120,000 – 120,500 zone. The price has tested the key support area around 112,000 – 113,000, where it converges with the 200 EMA and the 0.5 Fibonacci retracement.
Main Scenario:
If the 112,000 – 113,000 zone holds, BTC is likely to rebound, first targeting 116,000 – 117,500, and then 120,000 – 120,500. This will be a strong resistance area to watch.
Alternative Scenario:
If 112,000 breaks, BTC could drop deeper to the 108,000 – 109,000 zone, and potentially further down to 104,000 (Fibo 0.786).
Key Levels to Watch:
• Resistance: 116,000 – 117,500 and 120,000 – 120,500
• Support: 113,000 – 112,000 and 108,000 – 109,000
Overall Outlook:
BTC is currently at a sensitive level. If the 112k support holds, the bullish trend remains intact, but a deeper break below this zone could extend the downside risk toward 108k and lower.
Long
