Bitcoin price analysis: resistance flips and false breakouts
Looking back at Bitcoin’s recent 4H chart, we can see how $BTC has repeatedly tested $118,500 – $119,000 Zone As an important area of resistance. Each rejection from late July to early August (emphasised by the orange trend line) strengthened this ceiling. At the mid-August rally, we easily pushed the above BTC up. $120,000However, the movement quickly reversed, The wrong breakout Before the price returns to support.
BTC/USD 4-hour chart – TradingView
Throughout these swings, 200 SMA (117,534) Provided strong dynamic support. meanwhile, 50 SMA (118,996) It acted as a short-term ceiling, closely aligned with the same resistance band that BTC struggles to overcome.
Today’s price action: Sideways, but holds strong
As of today, $Bitcoin is trading $118,365shows resilience above 200 SMA The following integrations 50 SMA. RSI (49.10) is neutral in both directions and shows indecisiveness and low momentum in signaling.
Important levels to see:
- support: $117,500 (200 SMA) and the range from $116,000 to $115,000.
- Key support: If BTC breaks down rapidly, it would be $112,142 and $111,350.
- resistance: The zone is between $118,600 and $119,000, followed by over $120,000.
This integration suggests that BTC is gaining momentum for that Next breakout attempt.
Bitcoin price prediction: Breakout or breakdown?
If Bitcoin is closed decisively above $119K-120,000You can now see the quick movements $122K+as fuel momentum for trapped shorts. Conversely, if BTC fails to retrieve it $118,996 (50 SMA) Immediately retest $117.5K There may be a risk of deeper correction $114K-112K.
Given the tightening range, volatility is expected to return within a few days. Traders need to prepare Either continue breakout or breakdown of support.
How to exchange Bitcoin today
- Bully entry: Consider the long position above $119,000,Targeting $121K~$122Kstop nearby $117.5K.
- Bearish Entry: If BTC fails, short entries may be considered $118,600 to $119,000,the purpose $115K-116Kthere is the above stop $120,000.
- Neutral Player: Be patient and wait for a confirmed breakout of range.
Given the stenosis structure, risk management remains important.
