Bitcoin is trading around $119,700, pulling back slightly from its recent highs near $120,700. Macro sentiment is mixed — U.S. July CPI data came in higher than the Fed’s 2% target, which could delay interest rate cuts. This usually strengthens the USD and can weigh on BTC, but institutional inflows and policy moves supporting crypto adoption have helped BTC maintain its bullish structure.
Technical Outlook:
Trend: Overall bullish market structure on daily & 4H; short-term pullback looks corrective.
Support Levels: $118,200 (intraday low), then $117,500 (key swing support).
Resistance Levels: $120,700 (intraday high), then $122,000 (psychological + technical zone).
Moving Averages: Price is holding above 50 EMA and 200 EMA on 4H, confirming mid-term uptrend.
RSI (4H): Around 54 — neutral zone, with room to push higher before overbought conditions.
Volume: Pullback on declining volume, which suggests sellers are not aggressive — bullish for continuation.
MACD: Still in positive territory on 4H, but flattening — needs bullish cross on lower timeframes to confirm next leg up.
Bias: Short-term consolidation inside a bullish macro trend. A break above $120,700 could accelerate upside.
📈 BTC/USDT Long Trade Plan
Entry Zone: $118,800 – $119,400
Target 1: $120,700
Target 2: $122,000
Stop Loss: $117,500
Risk Management: Risk 1–2% max, partial profit at first target, trail SL after breakout.
If BTC sustains above $120,700 with strong volume, the next wave could aim for $124,000+.
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