$BTC ๐จ BTC/USDT Price Action Update โ Support, Resistance & Whatโs Next? ๐๐ฅ
Bitcoin ($BTC) is currently trading around $118,010, showing a slight dip of -0.78% on the daily chart. Letโs break down the current market structure and possible moves next! โฌ๏ธ๐
๐ Key Levels to Watch:
๐ข Support Zones:
$117,100 (24h low โ immediate support)
$115,200 (EMA-25, stronger support)
$113,460 (previous price floor)
๐ด Resistance Zones:
$118,964 (recent local high)
$123,218 (major resistance peak)
$124,469 (longer-term resistance)
๐ Technical Signals:
EMA Analysis: BTC is trading just below the EMA(7) at $118,241, signaling a slight short-term bearish tilt.
MACD: The histogram shows weakening momentum, and the MACD line has crossed below the signal โ bearish crossover โ ๏ธ
Volume: Decreasing volume suggests potential consolidation or a bigger move coming soon! ๐
๐ Next Move?
If BTC holds above $117K, we could see a bounce back towards $119.5Kโ$120K range. But a breakdown below $115K may open doors for a correction toward $113Kโ$111K support levels.
๐ Bulls need to reclaim $118.9K to push higher. Bears are eyeing a breakdown below $117K.
๐ฌ Whatโs your play? Buying the dip or waiting for confirmation? Drop your thoughts! ๐๐ญ