Technical Analysis & Forecast
Bitcoin ($BTC )is trading around $116,865, having fluctuated within a range of approximately $114,314 – $117,596 today.
(Key Levels to Watch)
Support Zone ~ $117,800
A break and sustained close below $117,800 suggests weakening bullish momentum and could pave the way toward the $111,000 demand zone.
Resistance Zones ~ $115,000–$115,700
Repeated rejection from this zone signals strong supply. A clean breakout above $115,648 with volume could open the door to upside continuation.
Scenarios
Bullish Scenario
Entry Trigger: Break and retest above $115,700–$115,800 with confirmed volume.
Stop-Loss: Just below $115,000.
Targets:
TP1: $118,500
TP2: $120,000+
Bearish Scenario
Entry Trigger: Sustained close below $117,800.
Stop-Loss: Above $118,500.
Targets:
TP1: $115,000
TP2: $111,000 demand zone.
Why These Levels Matter
Support and resistance are foundational to technical analysis—they reflect areas where buying or selling pressure historically intensified. Higher timeframe and frequently tested levels carry more weight.
Using tools like Fibonacci retracements, moving averages, or pivot levels can add precision, but the key is anchoring trades around meaningful horizontal zones backed by price history and volume.$BTC
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