This chart illustrates a Bitcoin (BTC/USD) 2-hour timeframe and suggests a bearish short-term trade setup. Here's the analysis based on the annotations:
Key Observations:
Ascending Trendline Break: The chart shows a sharp move upward followed by a potential reversal.
"STPO LOSS" & "TEAK PRAFTT": These are likely typos and should read:
STOP LOSS (around 112,472)
TAKE PROFIT (around 106,179)
Bearish Reversal Pattern: The pattern looks like a rising wedge or double top, both of which often precede a decline.
Ichimoku Cloud: The price has started to hover near the cloud, which could act as dynamic support or signal weakness if broken.
Strategy Summary:
Short Entry: Near the current price region (around 110,898)
Stop Loss: Just above the recent highs at ~112,472
Take Profit: Around ~106,179 (bottom of the prior consolidation and near Ichimoku support)
Risk Management Note:
Risk-reward appears reasonable.
Watch for a confirmed breakdown before entering the trade.
Would you like help correcting the image text or setting up a trade plan based on this?
Key Observations:
Ascending Trendline Break: The chart shows a sharp move upward followed by a potential reversal.
"STPO LOSS" & "TEAK PRAFTT": These are likely typos and should read:
STOP LOSS (around 112,472)
TAKE PROFIT (around 106,179)
Bearish Reversal Pattern: The pattern looks like a rising wedge or double top, both of which often precede a decline.
Ichimoku Cloud: The price has started to hover near the cloud, which could act as dynamic support or signal weakness if broken.
Strategy Summary:
Short Entry: Near the current price region (around 110,898)
Stop Loss: Just above the recent highs at ~112,472
Take Profit: Around ~106,179 (bottom of the prior consolidation and near Ichimoku support)
Risk Management Note:
Risk-reward appears reasonable.
Watch for a confirmed breakdown before entering the trade.
Would you like help correcting the image text or setting up a trade plan based on this?
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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.