$BTC Market Update โ Correction or Reversal? ๐
Bitcoin ($BTC ) is currently under pressure after reaching a recent peak of $124,474. Since then, price action has shifted into a downtrend, forming a series of lower highs and lower lows. At the moment, BTC is trading around $115,311.
๐น Price Structure & Trendline
BTC is testing its green uptrend support line. If this trendline breaks, further downside movement becomes more likely. However, as long as the key $108Kโ$110K support zone holds, the broader uptrend remains intact.
๐น RSI Indicator
The RSI is at 34, close to the oversold level (30). This suggests strong selling pressure, but it also opens the door for a potential bounce or short-term reversal.
๐น Key Levels to Watch
Support: 114,366 โ 108,446 โ 98,200
Resistance: 120,007 โ 124,474
๐ Conclusion
Short-Term Trend: Downtrend (correction phase).
Major Trend: Still bullish as long as $108K support holds.
If BTC holds above 114Kโ112K, momentum could flip upward again. A breakdown below this zone, however, would likely drag price toward 108K and possibly 98K.
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๐ Possible Scenarios
1. Bullish Case (Uptrend Continuation)
Support at 114Kโ112K holds.
RSI bounces from oversold territory.
Price targets: 120K โ 124K.
Break above 124K โ Possible move to 130K+.
2. Bearish Case (Correction Deepens)
Daily close below 114K.
Next strong support: 108Kโ110K.
If broken โ price could drop toward 98,200.
3. Sideways/Range-Bound
BTC may consolidate between 114Kโ120K before the next breakout or breakdown.
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๐ Strategy for Traders
Short-Term Traders:
Consider buying near strong supports (114K or 108K) with stop-loss protection.
Short only if BTC closes a daily candle below 114K.
Long-Term Investors:
This correction is healthy within a larger bull cycle.
Key long-term accumulation zones: 108K and 98K.
Main bullish trend breaks only if BTC loses 98K support.
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๐ Bitcoin remains in a correction phase, but the larger trend is intact. Watch the 114Kโ112K decision zone closelyโit will define the next big move. #BinanceHODLerPLUME