Earlier this week, after a sharp rise to a local high of $123,000, Bitcoin price entered a consolidation phase, with the lowest price close to $115,700. Although the overall trend remains bullish, some technical signals on lower time frames currently indicate that Bitcoin price has shown signs of weakness. Bulls must hold the $115,000-116,000 area to avoid a deeper correction.
The daily chart shows that BTC price has formed a potential top shadow near $122,000. This area coincides with the resistance formed by the upper trendline of the wedge, marking the third attempt of BTC to break through the $121,500-122,500 range, but ultimately failed.
BTC remains in a volatile holding mode as the MACD and RSI indicators show a cooling trend and option holdings are concentrated near $117,000. Traders should pay attention to the volume trend near the $116,500-$117,200 area to determine the next decisive move.
BTCUSD 
BTCUSDT BTCUSD BTCUSD BTCUSD BTCUSD
The daily chart shows that BTC price has formed a potential top shadow near $122,000. This area coincides with the resistance formed by the upper trendline of the wedge, marking the third attempt of BTC to break through the $121,500-122,500 range, but ultimately failed.
BTC remains in a volatile holding mode as the MACD and RSI indicators show a cooling trend and option holdings are concentrated near $117,000. Traders should pay attention to the volume trend near the $116,500-$117,200 area to determine the next decisive move.
BTCUSD BTCUSDT BTCUSD BTCUSD BTCUSD BTCUSD 
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Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.