#Bitcoin Eyes Recovery Bounce After Key Technical Signals – Could $118K Be Next?
Bitcoin (
$BTC ) looked set for a rebound on August 4th, briefly reclaiming the lower boundary of its Descending Channel Pattern, hinting at a possible trend reversal. This bullish setup was reinforced by a TD Sequential buy signal flashing on the 12-hour chart—a popular indicator used to time potential price turnarounds.
Technical Snapshot: Signs of Strength Amid Volume
#Dips BTC traded near $114,700, marking a modest 0.89% intraday gain.
Despite this, 24-hour volume dropped by 14% to $49.18 billion, suggesting cautious participation.
Price action formed a classic inverted Head and Shoulders pattern near the channel base, signaling traders may be buying the dip.
BTC climbed back above this support level, adding credence to a recovery bounce scenario.
Price Targets & Indicator
#Signals KriptoNovini.bg’s technical analysis points to a potential 3.3% rally toward $118,000 if
#BTC maintains momentum above $114,000. This aligns with the TradingView channel breakout chart, which visually supports a bounce play unfolding.
However, indicators show mixed signals:
The Supertrend indicator on the 4-hour chart remains bearish (above price and red).
Conversely, on the 1-hour chart, it flipped bullish (below price and green).
This suggests BTC may still be in a transitional consolidation phase rather than a sustained uptrend just yet.