#BITCOIN – POTENTIAL BOUNCE FROM SUPPORT ZONE TOWARD 122,800
Hello traders,
I’d like to share my current outlook on Bitcoin.
On the broader $BTC chart, price action has formed two key technical patterns:
1. A wide trading range, and
2. A larger upward wedge — signaling bullish intent but waning momentum as the range narrows.
The foundational support lies in the $105,500–$104,500 zone, a historically strong demand area. Currently, $BTC is consolidating above the $116,500–$117,300 support — right at the wedge’s lower boundary.
This movement appears corrective and consolidative, suggesting a temporary balance between buyers and sellers. A final sweep toward $116,500–$117,300 could clear residual sell-side liquidity, potentially triggering an impulsive bullish reversal.
📈 Expected Move:
A bounce from this support area may push $BTC toward $122,800, which marks the upper resistance of the range and a logical take-profit zone for long positions.
🧠 Key Levels to Watch:
• Support Zone: $116,500 – $117,300
• Target: $122,800
• Long Bias: Valid if support holds and price reacts positively
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