Market Overview:
Bitcoin surged to the 123,000 resistance zone, completing a potential ABC bullish pattern. The price has since pulled back sharply, indicating the start of a correction. Current price action suggests consolidation within the 116,600 – 123,000 range, as traders lock in profits and reassess direction.
Technical Signals & Formations:
— ABC bullish pattern completed at the top
— Strong weekly resistance at 123,000
— Horizontal support at 116,600 acting as key pivot
— EMA(144) far below, suggesting room for deeper correction if weakness persists
Key Levels:
Resistance: 123,000, 126,000
Support: 116,600, 113,800, 113,000, 110,580
Scenario:
Primary: continued pullback toward 116,600. A breakdown below this level may lead to further downside targeting 113,800–113,000.
Alternative: stabilization within the range, followed by a rebound and potential retest of 123,000.
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