Structure: BTC recently broke out from a local ascending wedge and is now pulling back toward support.
Current Price: ~$115,250 (at time of chart).
Day Support: ~117,000 (currently lost).
Next Key Support: ~109,244 (marked as WEEK RESIST, now potentially flipping to support).
Upside Target: 123,000 zone remains a key resistance, and aligns with projected measured move from wedge.
RSI: Just broke downward from overbought (divergence present). Currently ~59. A bearish signal in short-term momentum.
Williams %R: Deep in oversold, suggesting short-term bounce potential, but may be early.
200 SMA (blue): Holding well below current price — long-term uptrend remains intact.
Forecast Scenarios:
Base Case: BTC pulls back to 111K–109K, forms support, and continues the uptrend toward 123K.
Bullish Alt: If macro surprises (e.g., ETH ETF approval or FOMC dovish pivot), BTC reclaims 117K swiftly and rallies straight to 131K.
Bearish Risk: Break below 109K support, leading to retest of 98K (200 SMA area).
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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.