After a pullback to near 115,500 USD, Bitcoin is showing recovery signals as buyers gradually regain control. Below is a detailed picture of price movements, key resistance-support levels, and potential short-term scenarios.

Latest Developments

  • Recent peak: 123,200 USD

  • Correction bottom: 115,730 USD

  • Current price: ~119,500 USD, above the 100 SMA line on the hourly frame.

  • Short-term trend: Buyers have broken through the downward trend line at 119,000 USD, confirming a reversal attempt.

Key Levels to Note

Technical Indicators

  • MACD (1-hour frame): The upward momentum is slowing down; the MACD line is trending downward, needs close monitoring.

  • RSI (1-hour frame): Staying above the 50 threshold, indicating that buying pressure still dominates but has not exceeded the overbought threshold.

Price Scenario

Suggested Strategy

  1. Short-term scalping:

  • Buy when the price successfully retests 119,000 – 119,500 USD, place a stop loss below 118,800 USD.

  • Target: 120,200 → 121,400 USD; move the breakeven point when the price exceeds 120,200.

  1. Medium-term position:

  • Wait for confirmation of a 4-hour candle close above 123,150 USD before increasing the position.

  • Trailing stop below 119,000 USD, take partial profits at 124,200, 125,000, 126,200.

  1. Defensive scenario:

  • If the price falls below 117,500 USD, consider exiting long positions and observing the area of 115,500 – 113,500 USD.

Risk Warning

  • Macroeconomic volatility: Interest rate decisions, inflation data, ETF information/policy adjustments can cause strong fluctuations.

  • Market sentiment: After a long increase, profit-taking pressure is high; major resistance levels are likely to trigger bull traps.

  • Capital management: Always set clear stop losses and only use leverage ratios suitable for risk appetite.

Conclusion

Buyers are trying to bring Bitcoin back to an upward trajectory after a pullback to 115,500 USD. Overcoming the 121,400 USD mark will be key to opening the journey towards 125,000 – 126,200 USD. Conversely, losing 119,000 and especially 117,500 USD could pull the price back to a deeper support area. Traders should patiently wait for confirmation signals, adhere to risk management principles, and frequently update market information to make appropriate decisions. $BTC