Bitcoin Analysis
Hello fellow traders what do you think about Bitcoin, share thoughts in comments below.
I have drawn this chart and it depicts analysis of Bitcoin. The chart highlights the following key features:
1. Range-Bound Momentum: The price is moving within a horizontal range, marked by a green rectangle. The upper boundary is labeled as resistance, and the lower boundary is labeled as support.
2. Resistance Level: The horizontal red line at approximately $109,016 marks the resistance level where the price struggles to break higher.
3. Support Level: The horizontal green line at approximately $98,729 represents the support level where the price tends to bounce back up.
4. Entry Point: A potential entry point is indicated near the middle of the range, aligned with the price of $104,879.
5. Targets:
TP1 (Take Profit 1): Positioned above the support zone at approximately $100,720. This serves as the first profit-taking point.
Target: Positioned lower near $98,729, suggesting a bearish outlook if the price breaks support.
6. Bearish Projection: A downward yellow arrow signals the expectation of a potential breakdown from the current range. A purple arrow further emphasizes this bearish target.
7. Trend Context: The price was previously in an uptrend (illustrated by the orange ascending lines), but the chart shows the momentum has shifted into consolidation.
This chart analysis focuses on price action within the range, emphasizing potential breakout or breakdown scenarios for trading decisions.
Key levels;
Bitcoin Sell from current area. 105000
Tp 1 at: 103640
Target at: 101400
SL at 107540
Kindly support me guys. And this is for educational purposes.
I have drawn this chart and it depicts analysis of Bitcoin. The chart highlights the following key features:
1. Range-Bound Momentum: The price is moving within a horizontal range, marked by a green rectangle. The upper boundary is labeled as resistance, and the lower boundary is labeled as support.
2. Resistance Level: The horizontal red line at approximately $109,016 marks the resistance level where the price struggles to break higher.
3. Support Level: The horizontal green line at approximately $98,729 represents the support level where the price tends to bounce back up.
4. Entry Point: A potential entry point is indicated near the middle of the range, aligned with the price of $104,879.
5. Targets:
TP1 (Take Profit 1): Positioned above the support zone at approximately $100,720. This serves as the first profit-taking point.
Target: Positioned lower near $98,729, suggesting a bearish outlook if the price breaks support.
6. Bearish Projection: A downward yellow arrow signals the expectation of a potential breakdown from the current range. A purple arrow further emphasizes this bearish target.
7. Trend Context: The price was previously in an uptrend (illustrated by the orange ascending lines), but the chart shows the momentum has shifted into consolidation.
This chart analysis focuses on price action within the range, emphasizing potential breakout or breakdown scenarios for trading decisions.
Key levels;
Bitcoin Sell from current area. 105000
Tp 1 at: 103640
Target at: 101400
SL at 107540
Kindly support me guys. And this is for educational purposes.
Trade active
Trade active at 104978Trade closed: target reached
Target reached successfully at 100750.
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.