$BTC hovers near $121k — Will bulls push towards the 1.618 extension or slip into range consolidation?

1) Yesterday’s Recap – August 10, 2025

  • 1H: $BTC traded in the $117,979 – $122,242 range, with RSI neutral (~50–55) and MACD flat. Volume declined after the initial breakout.

  • 4H: Price held above $117,800 (post-breakout support). RSI around 60, MACD bullish. Volume increased during the breakout but slowed afterward.

Fibonacci swing ($117,979 → $122,242):

  • 38.2%: $120,764

  • 50%: $120,110

  • 61.8%: $119,456

  • 1.618 extension: $124,300

2) Current Market – August 11, 2025

  • Price: $121,200 (compared to 1H high $122,242 and low $117,979)

  • 1H: RSI ~55–60, MACD positive, moderate volume — no strong momentum yet.

  • 4H: Still above $120,764 (38.2%), RSI ~62, MACD steady, stable volume between 121–122k.

3) Outlook

  • Bullish: A 1H close above $122,242 with rising volume could target $123k → $124.3k (1.618).

  • Bearish: A drop below $119,456 (61.8%) with higher volume could lead to $119k, then $118k.

4) LONG Setup

  • Entry: 1H close > $122,242

  • SL: $120,764

  • TP1: $123,000

  • TP2: $124,000

TP3: $124,300 (1.618 ext)

5) SHORT Setup

  • Entry: < $119,456

  • SL: $120,110

  • TP1: $119,000

  • TP2: $118,000

  • TP3: $117,000

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