The surface retreat of BTC suggests that the bulls are in no rush to take profits, as they anticipate that the upward trend will continue.
The upward 20-day exponential moving average (USD 113,984) and the relative strength index (RSI) in positive territory indicate an advantage for buyers. If the bulls push the price above USD 123,218, the BTC/USDT pair could resume its upward trend. The pair could reach USD 135,729 and subsequently the pattern target of USD 150,000.
Time is running out for the bears. They will need to quickly push the price below the support of $110,530 to get back in the game. This could tempt short-term investors to take profits, which would drive the price down to $100,000.
The price has fallen below the 50-period simple moving average, indicating that the bulls are losing control. The pair could drop to $115,000, an essential level that the bulls must defend. If they fail to do so, the pair could challenge the zone between the neckline of the inverted head and shoulders pattern and the support at $110,530.
If the price rises from the support zone, the bulls will attempt again to push the pair above $123,218. If successful, the pair could rise to $130,000 and then to $135,729.