BTC Consolidates Below 119,300 Over the Weekend💎 BTC WEEKEND PLAN UPDATE (26/07)
NOTABLE BTC NEWS
The cryptocurrency market is attempting to stabilize after a wave of sell-offs during Friday’s Asian session, when Bitcoin (BTC) dropped to an intraday low of $114,723. A recovery trend is gradually strengthening, with BTC trading at $115,868 at the time of writing, indicating that buying interest at lower levels may increase in upcoming sessions.
TECHNICAL ANALYSIS PERSPECTIVE
Symmetrical Triangle Pattern
BTC is currently fluctuating within a symmetrical triangle pattern, with converging upper and lower trendlines. This pattern typically signals a strong consolidation phase before a decisive breakout.
Scenario unfolded as planned:
• The price failed to break the resistance zone around $120,000 (previously forecasted as a likely failed breakout zone).
• BTC then dropped sharply to the support zone around $115,000, touching the lower trendline and the potential breakout zone.
• At this level, the price rebounded as expected, indicating strong buying pressure at support.
MA lines supporting the trend:
• The price is currently moving around the 200-day MA (red line), showing that the dynamic support is working effectively.
• The 50-day MA (yellow line) is acting as short-term resistance. If broken, it could support the recovery momentum.
Two potential upcoming scenarios:
🔼 If BTC breaks above the $119,500 – $120,000 zone with strong volume, it may continue to test higher levels around $123,000 – $125,000.
🔽 Conversely, if it faces strong rejection around $119K and turns downward, BTC may retest the support zone at $114,000 – $115,000 once again.
Stay tuned to the channel for the latest and continuous updates on XAUUSD, CURRENCIES, and BTC.
