Bitcoin at a Crossroads: Key Levels to Watch
This 30-minute chart for Bitcoin (BTC/USDT) shows the price consolidating within a range after a strong upward rally. The key levels drawn on the chart outline a potential trading plan for the next short-term move.
Asset: Bitcoin / TetherUS (BTC/USDT)
Timeframe: 30-Minute (Short-term outlook)
Current Situation: After a significant price surge on July 11th, Bitcoin has entered a sideways consolidation phase. The price is currently making a move towards the top of this range, approaching a critical resistance level.
Key Levels Explained
Immediate Resistance (~$118,000): The red horizontal line marks the immediate resistance. This is a crucial level that has previously rejected the price. For the current upward momentum to continue, Bitcoin must decisively break and hold above this price ceiling.
Primary Target / Supply Zone (~$118,900 - $119,100): The green box above represents the next major resistance area or "supply zone." This is the logical target for bulls if they can successfully break through the immediate $118,000 resistance.
Potential Scenarios
Bullish Scenario: If Bitcoin breaks through the $118,000 red line with strong volume, it would signal a potential continuation of the uptrend. Traders would then look towards the green box around $119,000 as the next take-profit area.
Bearish Scenario: If Bitcoin fails to break the $118,000 resistance and gets rejected, it is likely to fall back towards the lower end of its current range. The recent lows around $117,000 - $117,200 would act as the first line of support.
source https://www.tradingview.com/chart/BTCUSDT/ZDnGZUkc-Bitcoin-at-a-Crossroads-Key-Levels-to-Watch/
No comments:
Post a Comment