$BTC /USDT daily chart, hereโs a breakdown of the situation and possible upcoming moves:
๐ Technical Observations:
1. Current Price: $112,164 (down ~1.8%).
2. Support Zone: Marked in purple (~$110,000 โ $111,000).
This zone has acted as a strong demand area in July, meaning buyers previously stepped in here.
3. Resistance Zone: Around $114,800 โ $115,500, which has rejected BTC multiple times recently.
4. Trend: BTC is in a short-term downtrend after peaking near $122,000, with lower highs and lower lows forming.
5. Volume: Noticeable drop in volume compared to the July rally, indicating weaker bullish pressure.
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๐ Possible Scenarios:
1. Bullish Case (Bounce from Support):
If BTC holds the $110Kโ111K support, we may see a bounce back toward $115Kโ117.5K.
Breaking $117.5K could open the way to $120K+ again.
2. Bearish Case (Breakdown Below $110K):
If the purple support zone fails, BTC could drop toward $107.5K and even $105K.
That would confirm stronger bearish momentum.
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โ๏ธ Trading Outlook:
Short-term traders: Watch the $110Kโ111K zone closely. A bounce here could be a good long entry with tight stop-loss below $110K.
Swing traders: Safer entry would be after BTC reclaims $115K with strong volume confirmation.
Risk: A clean break below $110K could accelerate downside.
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๐ In short:
Key support: $110Kโ111K
Key resistance: $115Kโ117.5K
Decision point: $BTC
BTC is testing critical support. If buyers defend it, we may see a rebound; if not, expect further downside.