Bitcoin has broken below its key ascending trendline and also lost the horizontal support around 111k–112k.
The breakdown was followed by a retest of the trendline, which got rejected, confirming the weakness.
🔑 Key Levels to Watch
124,272 → Major resistance (recent swing high).
111k–112k → Broken support, now acting as resistance.
100,407 (~100k)→ Next important support zone to test.
92k–90k (red zone) → Strong demand area if 100k fails.
76,719 → Deeper support if selling continues.
📊 Possible Scenarios
1. Bearish Continuation (Base Case):
Price likely to move toward 100k support. A bounce is possible here, but if Bitcoin closes below 100k on daily timeframe, next downside targets are 96k → 92k–90k.
2. Bullish Invalidation:
If BTC reclaims 112k and sustains above it, short-term bearish outlook weakens.
A break above 120k could reopen the path toward 124k.
✅ Conclusion
Right now, the bias remains bearish below 112k, with 100k as the immediate support to watch. Reaction at 100k will decide whether we see a bounce back to 111k or a deeper correction into the 90k zone.
The breakdown was followed by a retest of the trendline, which got rejected, confirming the weakness.
🔑 Key Levels to Watch
124,272 → Major resistance (recent swing high).
111k–112k → Broken support, now acting as resistance.
100,407 (~100k)→ Next important support zone to test.
92k–90k (red zone) → Strong demand area if 100k fails.
76,719 → Deeper support if selling continues.
📊 Possible Scenarios
1. Bearish Continuation (Base Case):
Price likely to move toward 100k support. A bounce is possible here, but if Bitcoin closes below 100k on daily timeframe, next downside targets are 96k → 92k–90k.
2. Bullish Invalidation:
If BTC reclaims 112k and sustains above it, short-term bearish outlook weakens.
A break above 120k could reopen the path toward 124k.
✅ Conclusion
Right now, the bias remains bearish below 112k, with 100k as the immediate support to watch. Reaction at 100k will decide whether we see a bounce back to 111k or a deeper correction into the 90k zone.
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.