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Yesterday, Bitcoin tested the support level of 117,730 with a long lower shadow on the daily candle and closed the day above the inner line of the green price channel.
This indicates bearish weakness and signals an intention for the price to resume its upward movement after a wide-range week. The likely target is 125,190 – the upper boundary of the global ascending green price channel. The level of 122,185 serves as an intermediate resistance. The Marlin oscillator slightly declined over the past week, releasing pressure and now signaling readiness for further growth.
On the four-hour chart, the price resumed its upward movement after bouncing twice from the MACD line. The second test occurred at the intersection point with the target level of 117,730, which could reinforce the upward momentum. The Marlin oscillator has moved into positive territory. We expect the growth to continue.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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