#WillBTCHit120K

📈 Market Insights Weekly: Weekly Forecast Challenge
💡 My forecast:
I believe that BTC will not reach the $120K level this week. Moreover, there is still a risk of correction, and one of the key factors could be an unfilled GAP on the CME chart.
📉 Technical analysis justification:
· Current price: $114,724. BTC is in a consolidation zone below the key resistance of $115,789 (24 h High ).
· Indicators signal overbought conditions:
· RSI(9) = 87.4 — indicates strong overboughtness. Historically, such levels often precede a correction or sideways movement.
· MACD: Positive, but momentum is slowing, suggesting the bullish impulse is waning.
· Main risk factor: GAP on CME
· On the CME futures chart, price gaps often form over the weekend ( GAP ), as trading is halted while the spot market continues to move.
· These GAPs have a high probability of being filled ( as the price tends to return to "close" the gap ) in the future, acting as magnets.
· Currently, the nearest significant GAP is located well below the current price, around $110,000 - $112,000. If the market begins to lose bullish momentum, this zone could become the primary target for a downward move.
🔍 Conclusion:
The combination of technical overboughtness ( RSI > 85) and the inevitable magnetism of the unfilled GAP on CME creates a risk for the price. Instead of an impulse toward $120K, BTC is more likely to move toward filling the GAP in the $110K-$112K zone to gather strength before the next surge.
Trading plan: A breakout and hold above $116,500 could negate the negative scenario. However, until then, caution and risk management are the priorities.