Bitcoin is consolidating above the $110,000 support after a neckline breakout, with neutral RSI and an improving MACD histogram; if $110K holds, analysts project a potential move toward $130K–$135K while a drop below $110K risks a retest of $100K–$105K.
Inverse head and shoulders breakout with neckline holding near $110K — bullish if sustained.
Momentum mixed: RSI ~46 (neutral) and MACD histogram positive, hinting at early recovery signs.
Key levels — support $110K, resistance $120K–$122K; analyst target $135K if momentum continues.
Bitcoin consolidates above $110K support with RSI neutral and early MACD bullish signs; read concise expert analysis, key levels, and targets to $135K — actionable outlook and risk levels.
What is driving Bitcoin’s consolidation above $110K?
Bitcoin is consolidating above the $110,000 neckline after an inverse head and shoulders breakout, driven by profit-taking from the July peak and short-term buyers defending the breakout level. Technical indicators show neutral momentum but a positive MACD histogram, suggesting upside remains possible if support holds.
How reliable is the inverse head and shoulders breakout?
The inverse head and shoulders pattern is a widely recognized bullish reversal formation when the neckline is convincingly retested as support. Chart points: shoulders around $85K–$95K, head near $72K–$75K, and a neckline breakout observed at $108K–$110K in mid-July. Technical analyst Javon Marks notes the pattern’s confirmation depends on continued support above $110K and follow-through toward $120K–$122K. Source for price chart: TradingView (chart image included).
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Analyst projections, including estimates from Javon Marks, set a target near $135,000 if the $110K support holds and momentum improves. This outcome requires confirmation via higher highs and sustained volume above $122K; it is not guaranteed and depends on market conditions.
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Source: https://en.coinotag.com/bitcoin-could-reach-135k-after-inverse-head-and-shoulders-break-if-110k-support-holds/