Current price: 121,000
Key point: 120000
Our preferred direction: Buy positions above 120,000 levels with 126,000 as the first target and then 130,000 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 117,000 level, targeting the 112,000 level.
Technical commentary
Bitcoin is moving in an upward direction from last month's low above the 200 moving average on the four-hour frame and above the 120,000 support level.
The price is located within a descending price channel, which is considered a bearish continuation flag. If the 122,000 levels are breached, Bitcoin will then head towards the 126,000 levels and then the 130,000 levels.
