Bitcoin is currently trading near a critical resistance zone around 118,000, with slight price variations across different exchanges. The recent BTC price movements appear to be closely correlated with the SP500 index, reflecting broader market sentiment.
If the 1H candle closes above 118,000, it would signal strong bullish momentum. In this case, the next potential target zone is 123,100.
However, if the 1H candle closes below 117,500, selling pressure may increase. This could lead BTC to retrace back toward the 114,500 support level.
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If the 1H candle closes above 118,000, it would signal strong bullish momentum. In this case, the next potential target zone is 123,100.
However, if the 1H candle closes below 117,500, selling pressure may increase. This could lead BTC to retrace back toward the 114,500 support level.
If you like this idea if you have on Opinion about this analysis share in comments.
>
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.