Bitcoin has successfully broken out of the descending trendline that had been holding the price down for several weeks. This breakout confirms a shift in market structure from bearish to bullish.
After finding strong support around the $110,000-$112,000 area, BTC bounced sharply and reclaimed both the 21-day and 100-day moving averages – a powerful bullish signal. As long as the price remains above $115,000 to $116,000, we can expect continued upward momentum.
The current move shows healthy strength with volume support, indicating strong buyer interest. If momentum persists, the next potential target is around the $125,000-$128,000 area, where some profit-taking could occur.
Support: $115,000 – $116,000 (previous resistance turned support)
Resistance: $125,000 – $128,000 (short-term target area)
Currently, the upside remains in bullish favor. If the market structure remains stable, any decline towards $116,000-$118,000 could provide a potential buying opportunity.
Remember: Avoid blindly chasing breakouts. Allow the price to retest or consolidate before entering — patience pays off in trend trades.
After finding strong support around the $110,000-$112,000 area, BTC bounced sharply and reclaimed both the 21-day and 100-day moving averages – a powerful bullish signal. As long as the price remains above $115,000 to $116,000, we can expect continued upward momentum.
The current move shows healthy strength with volume support, indicating strong buyer interest. If momentum persists, the next potential target is around the $125,000-$128,000 area, where some profit-taking could occur.
Support: $115,000 – $116,000 (previous resistance turned support)
Resistance: $125,000 – $128,000 (short-term target area)
Currently, the upside remains in bullish favor. If the market structure remains stable, any decline towards $116,000-$118,000 could provide a potential buying opportunity.
Remember: Avoid blindly chasing breakouts. Allow the price to retest or consolidate before entering — patience pays off in trend trades.
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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.
Related publications
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.