Bitcoin Technical Analysis: Bearish Rejection From 120K Resistance
Bitcoin price has recently rejected from the key resistance zone near 120,000, indicating strong selling pressure at higher levels. The current price structure is forming a lower high, reinforcing a bearish trend setup within the broader resistance area.
Price action suggests a potential reversal pattern is developing below the key structural resistance. As long as BTC remains below the 120K level, the downtrend bias remains intact, supported by weakening bullish momentum following the rejection.
If the price continues to stay below this level, we may see further downside movement toward key support zones near 117K and potentially 116K and 115K.
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Bitcoin price has recently rejected from the key resistance zone near 120,000, indicating strong selling pressure at higher levels. The current price structure is forming a lower high, reinforcing a bearish trend setup within the broader resistance area.
Price action suggests a potential reversal pattern is developing below the key structural resistance. As long as BTC remains below the 120K level, the downtrend bias remains intact, supported by weakening bullish momentum following the rejection.
If the price continues to stay below this level, we may see further downside movement toward key support zones near 117K and potentially 116K and 115K.
If You Like this idea if you have On Opinion about This analysis share in comments.
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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.