Btcusd - At A Critical Decision Point

Bitcoin is currently trading around $121,575, consolidating near a key decision point where price action meets both resistance and the ascending support trendline.

Key Technical Zones
• Resistance Zone: 121,400 – 121,800
This area has acted as a rejection zone multiple times, forming the current decision point.
• Support Trendline: Connecting higher lows, showing bullish structure short-term.
• Demand Zone: 119,600 – 120,200
A strong reaction zone where price previously reversed — potential target if price breaks down.

Market Structure
• Multiple CHoCH (Change of Character) signals indicate short-term range-bound behavior.
• BOS (Break of Structure) confirms local bullish momentum but price is nearing resistance.
• Decision Point: Market could break either way soon, watch for confirmation.

Scenarios

Bullish:
• Break and close above resistance with retest → potential rally toward 122,800 – 123,200 target zone.

Bearish:
• Rejection from resistance or break below support trendline → possible drop toward Demand Zone (120,000 area).

Summary

Price is at a critical juncture — watch closely for breakout or rejection signals around 121,600. Traders should wait for confirmation before entering positions.