đ Current Situation
$BTC has been correcting for several days since reaching its $124K all-time high. Price is now trading near the $110K â $112K zone.
On the weekly chart, $BTC is bouncing from the 20-week moving average (MA20) â historically, this level has served as a launchpad during bull markets.
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đ Daily Chart Insights
On the 1D chart, we are seeing an important signal:
Price is making lower lows
RSI is making higher lows
This is a bullish divergence, which often signals that bearish momentum is losing strength and that a reversal could be approaching.
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đ Bullish Scenario
Given the confluence of:
â Bounce from the weekly MA20
â Increasing bullish volume
â Bullish RSI divergence
BTC could consolidate between $112K â $115K for a few days before attempting an upside breakout.
If bulls manage to push the price above $115K, the next target would be a retest of the $120K zone â and potentially a new all-time high after that.
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â ïž Bearish Scenario
If BTC fails to hold the $108K â $110K support, we could see further downside.
The next key level to watch would be the $105K zone.
A clean break below that level could trigger a deeper correction and delay the next bullish leg.
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đ Quick Summary
Price might consolidate between $112K â $115K
Support Zone: $108K â $110K
Key Signal: Bullish divergence on RSI
Outlook: Correction seems to be losing steam; possible reversal ahead
Bullish Trigger: Break and close above $115K with strong volume
Bearish Risk: Break below $108K could open the door to $105K
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đŹ Your Turn:
Do you think BTC is ready to bounce, or will we see one more dip before the next leg up?
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You can Trade BTC here đ
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