Bitcoin (BTC/USD) is showing strength as it climbs toward the upper boundary of a descending channel. Currently trading near $118,178, the chart suggests a potential breakout above the key $119,000 resistance. A successful breakout and retest could propel BTC toward the $121,000–$123,000 range. Bullish indicators include rising momentum and a clear breakout roadmap highlighted by the rocket and upward arrow visuals. Caution is advised if BTC fails to hold above $119K, which may lead to a pullback.
Chart Analysis Overview:
1. Trend Channel:
The price has been trading within a descending channel, marked by two dashed trendlines.
BTC is currently testing the upper boundary of this channel — a crucial breakout zone near $119,000.
2. Resistance Zone:
Key horizontal resistance lies at $119,000, as marked by the black line.
A clean break and retest of this level could act as a springboard for further gains.
3. Bullish Scenario:
If BTC breaks and holds above $119,000, the projected move targets $121,000–$123,000.
Bullish roadmap is illustrated with the blue path, ending in a rocket symbol, indicating potential breakout momentum.
4. Support Zone:
Immediate support lies around $117,500–$117,800 (current breakout attempt base).
If BTC is rejected from the resistance zone, a short pullback to this level is possible before another attempt.
5. Indicators:
PMAX (10, 3, EMA) suggests early bullish momentum, confirming rising sentiment.
Price candles are printing higher lows, signaling accumulation and bullish structure.
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📈 Key Levels to Watch:
Support: $117,500 / $116,800
Resistance: $119,000 (key breakout zone), then $121,000 and $123,000
Breakout Confirmation: 1–2 candle closes above $119,000 with strong volume
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✅ Conclusion:
Bitcoin is setting up for a potential bullish breakout. If price cleanly breaks and retests the $119,000 level, we could see a rapid rally toward $121K–$123K. However, failure to break may lead to short-term consolidation or a dip. Watch price action closely around the $119K zone.
Chart Analysis Overview:
1. Trend Channel:
The price has been trading within a descending channel, marked by two dashed trendlines.
BTC is currently testing the upper boundary of this channel — a crucial breakout zone near $119,000.
2. Resistance Zone:
Key horizontal resistance lies at $119,000, as marked by the black line.
A clean break and retest of this level could act as a springboard for further gains.
3. Bullish Scenario:
If BTC breaks and holds above $119,000, the projected move targets $121,000–$123,000.
Bullish roadmap is illustrated with the blue path, ending in a rocket symbol, indicating potential breakout momentum.
4. Support Zone:
Immediate support lies around $117,500–$117,800 (current breakout attempt base).
If BTC is rejected from the resistance zone, a short pullback to this level is possible before another attempt.
5. Indicators:
PMAX (10, 3, EMA) suggests early bullish momentum, confirming rising sentiment.
Price candles are printing higher lows, signaling accumulation and bullish structure.
---
📈 Key Levels to Watch:
Support: $117,500 / $116,800
Resistance: $119,000 (key breakout zone), then $121,000 and $123,000
Breakout Confirmation: 1–2 candle closes above $119,000 with strong volume
---
✅ Conclusion:
Bitcoin is setting up for a potential bullish breakout. If price cleanly breaks and retests the $119,000 level, we could see a rapid rally toward $121K–$123K. However, failure to break may lead to short-term consolidation or a dip. Watch price action closely around the $119K zone.
Note
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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.