Bitcoin is consolidating around $119,000 after reaching its all-time high around $123,200 last week.
On the H4 chart, we can see that Bitcoin is trading within a bearish trend channel formed on July 13 and is likely to reach the 6/8 Murray zone around 118,750 or the top of the bearish trend channel around $119,000 in the coming hours.
If the Bitcoin price encounters strong resistance below $119,000, it is likely to resume its bearish cycle, and we could expect it to reach the 200 EMA located around 112,148 or the 4/8 Murray zone located at 112,500 in the short term.
On the other hand, if the Bitcoin price consolidates above $119,000, it is likely that it could reach 7/8 Murray at 121,878 in the short term and even reach its all-time high around $123,000.
Technically, a strong technical correction is expected in the coming days to $112,000 or the psychological level of $110,000. Therefore, we will look for opportunities to sell below 6/8 Murray.
