Bitcoin is currently consolidating in a tight range around $104,000, just below a major Supply Zone highlighted by the LuxAlgo Visible Range indicator. This could be the calm before the storm.
Here's what I'm seeing on the 15-min chart:
1. Supply Zone (Resistance Area):
104,000 - 105,000 range is acting as strong resistance.
Price has rejected multiple times from this level, showing seller strength.
Any breakout above must be confirmed with high volume.
2. Demand Zones (Potential Reversal Points):
99,280: First major support. If broken, could trigger a wave of selling.
94,210: Strong historical demand zone + previous accumulation area. A high-probability bounce could occur here.
Orange zone: Indicates a volume gap – a drop through this area could be swift.
3. Trade Setup Idea:
Short-term bias: Bearish if price stays under 104K.
Entry idea: Wait for a clear breakdown candle below 99,280, then look to short with a target at 94,210.
Risk management: Stop loss just above the 104K supply zone.
4. Watch for This Catalyst:
U.S. economic data and CPI release on May 12 might fuel volatility. Combine technicals with the macro calendar!
5. What to Watch Next:
Bullish case: Break and retest above 104,500 with strong volume could trigger the next rally toward 108K.
Bearish case: Clean breakdown below 99,280 confirms sellers in control.
Here's what I'm seeing on the 15-min chart:
1. Supply Zone (Resistance Area):
104,000 - 105,000 range is acting as strong resistance.
Price has rejected multiple times from this level, showing seller strength.
Any breakout above must be confirmed with high volume.
2. Demand Zones (Potential Reversal Points):
99,280: First major support. If broken, could trigger a wave of selling.
94,210: Strong historical demand zone + previous accumulation area. A high-probability bounce could occur here.
Orange zone: Indicates a volume gap – a drop through this area could be swift.
3. Trade Setup Idea:
Short-term bias: Bearish if price stays under 104K.
Entry idea: Wait for a clear breakdown candle below 99,280, then look to short with a target at 94,210.
Risk management: Stop loss just above the 104K supply zone.
4. Watch for This Catalyst:
U.S. economic data and CPI release on May 12 might fuel volatility. Combine technicals with the macro calendar!
5. What to Watch Next:
Bullish case: Break and retest above 104,500 with strong volume could trigger the next rally toward 108K.
Bearish case: Clean breakdown below 99,280 confirms sellers in control.
✅JOIN FREE SIGNALS t.me/frankfxforextrade
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
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.
✅JOIN FREE SIGNALS t.me/frankfxforextrade
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
✅FOR VIP DM: t.me/frankfx22
✅ AUTOMATED BOT: bot.frankfxx.com/
✅ICMARKETS frankfxx.com/icmarkets
✅ EXNESS frankfxx.com/exness
✅ XM frankfxx.com/xm
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.