BITCOIN is showing signs of weakness after a failed breakout from the range trading zone above 111,000 Price has now broken down from the upper range and is heading toward the 106,200 support zone as highlighted on the chart.Technical Outlook:
Price rejected resistance at the top of the range
Bearish momentum increasing with consistent lower highs and lows
Key level to watch 106,200 – a potential support that could trigger a bounce or further breakdown
If this level breaks we may see a continuation to the downside toward deeper support zones However if bulls defend it short-term consolidation could follow before the next move...
Trade active
400pips run...Trade closed: target reached
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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.