Bitcoin (BTC) has just broken through the important resistance level at $114,000 and is trading around $118,000, confirming a strong upward trend. According to Investopedia, BTC has completed a 'descending channel breakout' pattern, signaling the potential for further increase to $143,000–$146,000. The 50-day moving average (SMA50 ~ $107,000) and 200-day moving average (SMA200 ~ $96,800) are below the current price, reinforcing the bullish signal.
The RSI indicator is at 73, indicating BTC in the overbought area, a short-term correction may occur. However, MACD is still increasing and Bollinger Bands are expanding, confirming strong momentum. The nearest support level is $115,500 and the key zone is $110,000 – if this level is lost, the upward trend will be threatened.
Overall, BTC is still in a solid growth trend, with institutional cash flow and ETFs as the main driving forces. However, investors should be cautious as the current price level may experience a slight correction before continuing to rise.
📊 Main trend & breakout
Bitcoin has broken the 'descending channel' pattern and is trading around $116k–118k, with RSI ~60–70, not yet in the overbought level and MACD continues to rise strongly, indicating growth momentum is still maintained.
🎯 Price targets and scenarios
According to the 'measuring principle' method, the next potential target lies in the $146,400 area, equivalent to ~25–32% increase compared to the current price. In the short-term scenario, Coin Edition notes a resistance level at $112,400, followed by $114,900.
🛡 Important support
• First support zone: $108,200–109,000, where the EMA/Bollinger mid-line and Supertrend 4H converge.
• Strong support levels: $103,000–$107,000, at SMA50/200 and Fibonacci 23.6%, if breached could drop to $100k or lower around $92–98k.
🕒 Short time frame
On the 1h frame, the price bounced from the $108k–109k area, trading above the 20EMA/50SMA, confirming short-term recovery momentum.
⚠️ Risks & strategy
• Stochastic and RSI indicators suggest an overbought area, potentially leading to a slight correction.
• Recommendation: set stop-loss below $108k–$108.2k, buy the dip when the price retraces to the above supports and gradually increase position.
🔍 Note:
Bitcoin is in a solid upward trend, with a strong target at $120k, followed by $146k. However, if there is a slight correction to $108k–110k, this presents a good accumulation buying opportunity, combined with tight risk management.