BTC made a recorded high of 123,218$ on Monday, and made a correction to 116k$ and keep consolidate in the range of 116k$-120k$, at the time of writing this bitcoin is currently trading at 118,224k$.
116k$-117k$ reacting as a strong support zone, if BTC breakdown this support zone the next target of bears is 112k$-110k$.
The Relative Strength Index (RSI) on the daily chart currently reads 64, having declined from last week's overbought level of 70. This suggests a cooling in bullish momentum, potentially signaling a pause or reversal in the recent upward trend.
Meanwhile, the Moving Average Convergence Divergence (MACD) is on the verge of forming a bearish crossover on the daily chart. If confirmed, this crossover would act as a sell signal, reinforcing the view of emerging bearish momentum.
However, if BTC closes above the $120,000 on a daily basis, it could extend the recovery toward the fresh all-time high at $123,218 and beyond.
116k$-117k$ reacting as a strong support zone, if BTC breakdown this support zone the next target of bears is 112k$-110k$.
The Relative Strength Index (RSI) on the daily chart currently reads 64, having declined from last week's overbought level of 70. This suggests a cooling in bullish momentum, potentially signaling a pause or reversal in the recent upward trend.
Meanwhile, the Moving Average Convergence Divergence (MACD) is on the verge of forming a bearish crossover on the daily chart. If confirmed, this crossover would act as a sell signal, reinforcing the view of emerging bearish momentum.
However, if BTC closes above the $120,000 on a daily basis, it could extend the recovery toward the fresh all-time high at $123,218 and beyond.
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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.