On the current 1-hour chart, BTCUSD has established a significant resistance level near 111,923 after a strong upward move within a rising channel. The price is currently consolidating around 109,525, placing it at a critical decision point.
If the price retests the 111,923 level and faces rejection, it could signal the formation of a potential double top, indicating a bearish reversal. In this scenario, the key support levels to watch are 107,823 and 104,564. A breakdown below these zones could lead BTCUSD toward the next target at 102,136.
On the other hand, a solid breakout above 111,923 with strong volume confirmation could suggest a bullish continuation, potentially targeting the 113,000–115,000 range.
Key Levels:
Resistance: 111,923
Support: 107,823 / 104,564 / 102,136
Trading Strategy:
Look for bearish confirmation candles near 111,923 for a potential short setup, with a stop-loss slightly above that level.
If price breaks above 111,923 with momentum, consider long setups toward higher targets.
Note: This analysis is for educational purposes only. Always trade with proper risk management and according to your trading plan.
If the price retests the 111,923 level and faces rejection, it could signal the formation of a potential double top, indicating a bearish reversal. In this scenario, the key support levels to watch are 107,823 and 104,564. A breakdown below these zones could lead BTCUSD toward the next target at 102,136.
On the other hand, a solid breakout above 111,923 with strong volume confirmation could suggest a bullish continuation, potentially targeting the 113,000–115,000 range.
Key Levels:
Resistance: 111,923
Support: 107,823 / 104,564 / 102,136
Trading Strategy:
Look for bearish confirmation candles near 111,923 for a potential short setup, with a stop-loss slightly above that level.
If price breaks above 111,923 with momentum, consider long setups toward higher targets.
Note: This analysis is for educational purposes only. Always trade with proper risk management and according to your trading plan.
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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.