1. Resistance Zone Rejection
The 118k – 120k area is acting as a strong resistance zone.
BTC price attempted to push into this level but got rejected, which indicates a potential bearish reaction.
2. Rising Wedge Pattern
Currently, BTC is moving inside a rising wedge pattern.
This is typically a bearish structure, and if it breaks to the downside, price usually retraces toward the lower boundary of the channel.
3. RSI Overbought & Divergence
The RSI is around 64 – 65, which is on the higher side.
Previously, there was a bearish RSI divergence, signaling weakening bullish momentum and a possible shift to the downside.
4. Key Support Zone (112,000$ – 110,000$)
The green zone between 112k – 110k is a major support area.
Even if price retraces, it could find strong buying support here, making it a natural downside target.
The 118k – 120k area is acting as a strong resistance zone.
BTC price attempted to push into this level but got rejected, which indicates a potential bearish reaction.
2. Rising Wedge Pattern
Currently, BTC is moving inside a rising wedge pattern.
This is typically a bearish structure, and if it breaks to the downside, price usually retraces toward the lower boundary of the channel.
3. RSI Overbought & Divergence
The RSI is around 64 – 65, which is on the higher side.
Previously, there was a bearish RSI divergence, signaling weakening bullish momentum and a possible shift to the downside.
4. Key Support Zone (112,000$ – 110,000$)
The green zone between 112k – 110k is a major support area.
Even if price retraces, it could find strong buying support here, making it a natural downside target.
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.