Bitcoin (BTC/USD) has recently broken out of a downward channel near the $113K support level, suggesting a potential bullish reversal. After consolidating within a horizontal range and forming a rounded bottom pattern, BTC appears set to target the $116K resistance zone. The chart indicates buying momentum may return, with the projected price path showing a bullish breakout supported by technical indicators and previous support bounces. Traders should watch for confirmation of the breakout and volume increase before entering long positions.
Trend Overview:
Current Price: ~$113,004
Timeframe: 45-min chart (short-term outlook)
Exchange: OKX
Indicators Used: PMax (custom EMA-based trend filter)
---
📉 Price Action & Structure:
Range Formation: BTC traded in a sideways channel between ~113K and ~119K from July 22 to July 31.
Rejection Points: Multiple upper rejections (~119K, marked with red arrows) indicate strong resistance.
Support Touches: Price bounced from ~113K several times (green arrows), confirming a solid support zone.
---
☕ Bullish Reversal Signals:
1. Falling Wedge/Channel Breakout Expected:
BTC is currently inside a descending channel.
A breakout from this pattern near the bottom (~113K zone) is suggested by the purple path and green arrow.
2. Rounded Bottom Formation:
A “cup”-like shape formed on July 25-26, often a bullish reversal pattern.
Trend Overview:
Current Price: ~$113,004
Timeframe: 45-min chart (short-term outlook)
Exchange: OKX
Indicators Used: PMax (custom EMA-based trend filter)
---
📉 Price Action & Structure:
Range Formation: BTC traded in a sideways channel between ~113K and ~119K from July 22 to July 31.
Rejection Points: Multiple upper rejections (~119K, marked with red arrows) indicate strong resistance.
Support Touches: Price bounced from ~113K several times (green arrows), confirming a solid support zone.
---
☕ Bullish Reversal Signals:
1. Falling Wedge/Channel Breakout Expected:
BTC is currently inside a descending channel.
A breakout from this pattern near the bottom (~113K zone) is suggested by the purple path and green arrow.
2. Rounded Bottom Formation:
A “cup”-like shape formed on July 25-26, often a bullish reversal pattern.
Dagangan aktif
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.