$BTC is approaching a significant resistance breakthrough... Are we witnessing a new rally?
Technical analysis for the BTC/USDT pair
1. Current price situation:
Price: $118,388.15 (+0.98% in 24 hours)
Highest price in 24 hours: $118,741.77
Lowest price in 24 hours: $116,359.89
2. Type of the last candle:
The last candle on the daily frame is a bullish candle with a medium body and a short upper shadow, indicating that buyers are currently in control, but there is resistance near $118,740.
3. Technical indicators:
Bollinger Bands: The price is approaching the middle (MB: $116,742) and heading towards the upper bound (UP: $120,829), indicating the possibility of continued upward momentum.
RSI (6): at 66.68, close to the overbought zone, meaning there could be a profit-taking opportunity in the short term before continuing to rise.
MACD: Potential bullish crossover, as the DIF line approaches the DEA with a decrease in negativity in the red bars.
4. Important technical levels:
Main resistance: $119,609 – $120,829
Main support: $115,084 – $112,654
Proposed trading plan:
Entry point 1: $117,800 (in case of retest)
Entry point 2: $118,500 (breaking the current resistance with a candle closure)
Targets:
First target: $119,600
Second target: $120,800
Third target (in case of strong breakout): $123,200
Stop Loss: $115,000
Conclusion:
Will we witness a breakthrough of the $120,000 level this week, or will profit-taking hinder the rise?
