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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ - 💙 Gate Square #Gate Blue Challenge# 💙
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4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
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#BTC#
💥 BTC Price Prediction: Will it hit 120,000 or turn down?
On August 7, BTC surged past the short-term resistance level of $115,736, instantly exciting the bulls. However, the good times didn't last long as the price faced aggressive selling from bears at the downward trend line, making the market situation delicate.
🐂 Bullish opportunity: buying on dips is the ambush point
If the price is pushed down by the trend line but stabilizes and rebounds at the neckline position, then it is a good time to buy on dips.
Once it breaks through this downward trend line, BTC is likely to directly rush towards the resistance zone of 120,000 to 123,218 dollars.
What’s even more exciting is that if the closing price firmly stays above 123,218 USD, the door to 135,000 USD will be opened.
🐻 Bearish surveillance: Holding support is the key to success
The trouble for bulls is that as long as BTC falls below the 50-day moving average (113378 USD), it is a sign of weakness.
If the support at $110,500 is also breached, the sell-off will accelerate like a flood, and at that point, the bears may take over the market directly.