This chart shows a BTC/USD buy setup based on a breakout or support zone reversal strategy. Here’s a breakdown of what’s being illustrated:
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🔍 Chart Analysis Overview:
Timeframe: 1 hour (1h)
Pattern: Ascending channel (defined by resistance and support lines)
Indicators: Ichimoku Cloud used to indicate trend direction and potential reversals
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📌 Key Elements on the Chart:
1. Support Line (bottom diagonal):
Price has touched and respected this level multiple times, confirming it as a strong base.
2. Resistance Line (top diagonal):
Previously acted as the top of the channel before a drop occurred.
3. Price Action:
The price has recently dropped sharply to the support zone.
A buy entry level is marked just above the support line, implying the trader expects a reversal from this zone.
4. Target Point:
Projected above the current price, near 110,000 USD.
Indicates bullish bias and potential recovery toward previous highs.
5. Ichimoku Cloud:
Shows bearish momentum currently, but the reversal may challenge this trend.
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📈 Trading Implication:
This is a bullish reversal pattern based on:
Price touching a major support zone
Potential rebound towards the upper cloud or resistance level
---
🔍 Chart Analysis Overview:
Timeframe: 1 hour (1h)
Pattern: Ascending channel (defined by resistance and support lines)
Indicators: Ichimoku Cloud used to indicate trend direction and potential reversals
---
📌 Key Elements on the Chart:
1. Support Line (bottom diagonal):
Price has touched and respected this level multiple times, confirming it as a strong base.
2. Resistance Line (top diagonal):
Previously acted as the top of the channel before a drop occurred.
3. Price Action:
The price has recently dropped sharply to the support zone.
A buy entry level is marked just above the support line, implying the trader expects a reversal from this zone.
4. Target Point:
Projected above the current price, near 110,000 USD.
Indicates bullish bias and potential recovery toward previous highs.
5. Ichimoku Cloud:
Shows bearish momentum currently, but the reversal may challenge this trend.
---
📈 Trading Implication:
This is a bullish reversal pattern based on:
Price touching a major support zone
Potential rebound towards the upper cloud or resistance level
Trade active
TRADE ACTIVETrade closed: target reached
target 200 pips done profit Note
500 pips done
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.