Bitcoin has broken out of a multi-week descending wedge on the 4H chart — a classic bullish reversal pattern. Price is now consolidating just above $116,818 support, forming a base for the next leg up.
What Just Happened:
Clean breakout above the wedge resistance
Strong momentum candle above $111,862
Immediate rejection near $122,341
Currently retesting the previous breakout zone
Key Levels:
Resistance: $122,341
Support: $116,818 → key short-term level
Breakout Support: $111,862
Deeper Support: $105,189
Invalidation Level: $97,205
Bullish Outlook:
If BTC holds $116,818 and breaks above $122,341 with volume, the next leg could extend toward $128,000–$132,000.
Bearish Risk:
Losing $116,818 with volume → look for retest near $111,862 or even $105,189 for a stronger bounce.
Bias:
Bullish above $116,818 — watching for consolidation before continuation.
Trade Setup (if planning to enter):
Entry on retest of $116,818–$117,000
SL: Below $114,000
TP1: $122,341
TP2: $128,000
TP3: $132,000
DYOR | Not Financial Advice
What Just Happened:
Clean breakout above the wedge resistance
Strong momentum candle above $111,862
Immediate rejection near $122,341
Currently retesting the previous breakout zone
Key Levels:
Resistance: $122,341
Support: $116,818 → key short-term level
Breakout Support: $111,862
Deeper Support: $105,189
Invalidation Level: $97,205
Bullish Outlook:
If BTC holds $116,818 and breaks above $122,341 with volume, the next leg could extend toward $128,000–$132,000.
Bearish Risk:
Losing $116,818 with volume → look for retest near $111,862 or even $105,189 for a stronger bounce.
Bias:
Bullish above $116,818 — watching for consolidation before continuation.
Trade Setup (if planning to enter):
Entry on retest of $116,818–$117,000
SL: Below $114,000
TP1: $122,341
TP2: $128,000
TP3: $132,000
DYOR | Not Financial Advice
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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.
Related publications
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.