Bitcoin may bounce up of support line and break resistance level

[johnblockbuster]

Hello traders, I want share with you my opinion about Bitcoin. Following a powerful upward trend and a significant breakout, bitcoin has established a new and higher territory for its price action, leading into the current phase of extensive consolidation. This consolidation has taken the form of a large upward pennant, a classic pattern of contracting volatility where the price is being squeezed between a descending resistance line and an ascending support line. The market has been rotating within these boundaries, with the seller zone around the 120000 resistance level capping rallies and the dynamic support line providing a floor for pullbacks. Currently, the asset is positioned at a critical juncture, testing the ascending support line of this multi-week formation after a corrective move down. The primary working hypothesis is a long scenario, based on the expectation of a successful upward rebound from this dynamic support. A confirmed bounce would validate the integrity of the pennant and suggest that another full rotation to the upside is the most probable path. This move would first challenge the horizontal resistance at 120000. Therefore, the ultimate TP for this rotational play is logically set at the 123700 level, as this precisely targets the upper resistance line of the pennant, representing the completion of the swing and a key decision point for a potential future breakout. Please share this idea with your friends and click Boost

[Nahid10]

Really solid breakdown The pennant structure is crystal clear here — price compression usually precedes an explosive move, and given the broader trend, odds definitely lean bullish. I like how you marked out 120K as the major barrier — that level is a magnet for liquidity. If we see volume picking up on a rebound from support, this setup could align perfectly with the next leg higher. Great call keeping 123.7K as the TP, that’s a realistic yet ambitious level

[jacson4]

I agree with your long bias here. This consolidation feels more like healthy market rotation rather than distribution — the higher lows are telling the story. If BTC can hold the ascending support and push back into the upper zone, we might even see momentum traders piling in, adding fuel to the upside. The key to watch in my opinion is how price reacts around 120K — a clean break there could trigger FOMO and take us far beyond the pennant.