📊 Technical Structure (Symmetrical Triangle)
Formation: The symmetrical triangle (orange lines) remains intact—price continues to move within it.
Approaching the apex: The closer to the intersection of the triangle's arms, the greater the probability of a breakout. The current candle is testing the upper boundary of the formation (around $119,300), but has not yet broken it.
Direction: The formation is neutral, but tension is increasing. A breakout of either line (the upper boundary ≈$119,500 or the lower boundary ≈$117,700) could trigger a dynamic move with a range of around $3,000 (the height of the triangle at its widest point).
🧱 Support and Resistance Levels (Red and Green Lines)
Type Level (USD) Description
Resistance 123205 All-Time High – Possible Target After an Upward Breakout
Resistance 120556 Local Resistance – Triangle Breakout Range
Resistance 119200–119300 Currently Tested Level
Support 117752 Lower Triangle Boundary – Critical Defense Line
Support 115764 Next Local Support
📈 Technical Indicators
🔵 RSI (Relative Strength Index)
Currently: ~55 – indicates a neutral situation, having broken down from the overbought level (~74).
Indicates that the market has temporarily cooled down after a previous impulse. There is still room for further upward movement without exceeding 70.
🔵 MACD
The MACD and signal lines are approaching a crossover – if the MACD crosses the signal line upward, it could be a bullish signal.
The histogram is slightly positive – indicating weak but growing bullish momentum.
📊 Volume
Slightly increasing in the last candles – no confirmation of a strong breakout yet, but upward pressure is building.
🧠 Interpretation
Scenario Technical Conditions Movement Objective
🔼 Upward Breakout
Candlestick close above $119,500 USD 122,000–$123,200 USD
🔽 Downward Breakout
Close below 117,750 and confirmed by volume at 115,700, then 114,000 USD
🔄 Consolidation
Inconclusive, continued sideways movement
Between $117,700 and $119,500 USD
✅ Summary
Bitcoin is still in a neutral symmetrical triangle formation but is approaching a turning point.
The RSI has broken out of the overbought range, and the MACD is signaling a potential upside breakout.
Volume confirmation is still lacking, but technical conditions favor the bulls – if it manages to break above 119,500 and hold above, a move towards 122,000–123,000 USD can be expected.
In the event of a rejection, maintaining 117750 will be key; breaking it opens the way to 115700 and below.
Formation: The symmetrical triangle (orange lines) remains intact—price continues to move within it.
Approaching the apex: The closer to the intersection of the triangle's arms, the greater the probability of a breakout. The current candle is testing the upper boundary of the formation (around $119,300), but has not yet broken it.
Direction: The formation is neutral, but tension is increasing. A breakout of either line (the upper boundary ≈$119,500 or the lower boundary ≈$117,700) could trigger a dynamic move with a range of around $3,000 (the height of the triangle at its widest point).
🧱 Support and Resistance Levels (Red and Green Lines)
Type Level (USD) Description
Resistance 123205 All-Time High – Possible Target After an Upward Breakout
Resistance 120556 Local Resistance – Triangle Breakout Range
Resistance 119200–119300 Currently Tested Level
Support 117752 Lower Triangle Boundary – Critical Defense Line
Support 115764 Next Local Support
📈 Technical Indicators
🔵 RSI (Relative Strength Index)
Currently: ~55 – indicates a neutral situation, having broken down from the overbought level (~74).
Indicates that the market has temporarily cooled down after a previous impulse. There is still room for further upward movement without exceeding 70.
🔵 MACD
The MACD and signal lines are approaching a crossover – if the MACD crosses the signal line upward, it could be a bullish signal.
The histogram is slightly positive – indicating weak but growing bullish momentum.
📊 Volume
Slightly increasing in the last candles – no confirmation of a strong breakout yet, but upward pressure is building.
🧠 Interpretation
Scenario Technical Conditions Movement Objective
🔼 Upward Breakout
Candlestick close above $119,500 USD 122,000–$123,200 USD
🔽 Downward Breakout
Close below 117,750 and confirmed by volume at 115,700, then 114,000 USD
🔄 Consolidation
Inconclusive, continued sideways movement
Between $117,700 and $119,500 USD
✅ Summary
Bitcoin is still in a neutral symmetrical triangle formation but is approaching a turning point.
The RSI has broken out of the overbought range, and the MACD is signaling a potential upside breakout.
Volume confirmation is still lacking, but technical conditions favor the bulls – if it manages to break above 119,500 and hold above, a move towards 122,000–123,000 USD can be expected.
In the event of a rejection, maintaining 117750 will be key; breaking it opens the way to 115700 and below.
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.
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.