The chart you've shared is a technical analysis of Bitcoin (BTC/USD) on a 2-hour timeframe. Here's a breakdown of the key elements and potential trade idea illustrated:
Key Observations:
1. Resistance Zone (Gray Box):
Price recently tested a resistance area around the $110,000–$111,000 range.
This zone has previously acted as a strong supply area.
2. Rising Trendline (Black Line):
A clear ascending trendline has been supporting the price since around June 6.
Price appears to have broken below this trendline, suggesting a potential shift in momentum.
3. Support Levels:
First Support: ~$106,935.29
Second Support / Target: ~$105,052.65
These are the likely take-profit zones for a short trade.
4. Take Profit Labels:
There are two “TAKE PROFIT” labels:
One near the breakout region (~$106,935)
Another at the deeper support level (~$105,052)
5. Bearish Projection (Orange Arrow):
Suggests a potential downward move after the trendline break.
Indicates a retest and rejection of the broken trendline (classic breakdown confirmation).
6. Current Price:
Around $110,034.79 at the time of the screenshot.
---
Interpretation (Trade Setup):
If shorting:
Entry: After confirmed break and retest of the trendline or on a break below $109,000 (red line).
Targets: $106,935 (partial TP), $105,052 (main TP).
Stop-Loss: Likely above $110,500–$111,000 (resistance zone).
Risk Note: This setup assumes a trendline break and bearish follow-through. If the price reclaims the trendline or breaks above $111,000, it invalidates the setup.
---
Let me know if you want help formulating a trading plan or backtesting this setup.
Key Observations:
1. Resistance Zone (Gray Box):
Price recently tested a resistance area around the $110,000–$111,000 range.
This zone has previously acted as a strong supply area.
2. Rising Trendline (Black Line):
A clear ascending trendline has been supporting the price since around June 6.
Price appears to have broken below this trendline, suggesting a potential shift in momentum.
3. Support Levels:
First Support: ~$106,935.29
Second Support / Target: ~$105,052.65
These are the likely take-profit zones for a short trade.
4. Take Profit Labels:
There are two “TAKE PROFIT” labels:
One near the breakout region (~$106,935)
Another at the deeper support level (~$105,052)
5. Bearish Projection (Orange Arrow):
Suggests a potential downward move after the trendline break.
Indicates a retest and rejection of the broken trendline (classic breakdown confirmation).
6. Current Price:
Around $110,034.79 at the time of the screenshot.
---
Interpretation (Trade Setup):
If shorting:
Entry: After confirmed break and retest of the trendline or on a break below $109,000 (red line).
Targets: $106,935 (partial TP), $105,052 (main TP).
Stop-Loss: Likely above $110,500–$111,000 (resistance zone).
Risk Note: This setup assumes a trendline break and bearish follow-through. If the price reclaims the trendline or breaks above $111,000, it invalidates the setup.
---
Let me know if you want help formulating a trading plan or backtesting this setup.
Trade active
ACTIVE TRGET
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.