Hello traders,
4-hour BTC/USD (Bitcoin/US Dollar) chart.
🧠 Key Chart Elements
1. Chart Pattern
A symmetrical triangle (white lines) "DIAMOND" - has formed near the top of the move following a double bottom breakout.
The triangle indicates consolidation after a bullish move — often seen as a CONTINUATION pattern, but it can also break either way.
2. Double Bottom
Clearly marked, confirming a reversal from bearish to BULLISH trend.
The neckline breakout led to a strong push upwards, followed by this triangle pattern.
3. Targets
Long Target: Above 91,000 to 93,000 zone — likely measured from the triangle breakout.
Short Target: Around the 75,000-76,000 support zone — below key ascending trendline.
4. 50 EMA (Green Line)
The price is above the 50 EMA, suggesting bullish momentum is intact unless the 50 EMA breaks down.
5. MACD Indicator
The MACD lines are slightly bearish right now — potentially signaling a temporary pause or dip, but not a strong downward trend yet.
📊 Prediction: Two Likely Scenarios
✅ Bullish Scenario (Most Probable – 60%)
Why: Price is above EMA, double bottom breakout, triangle after impulse move, volume likely compressing.
Confirmation Needed: A breakout above the triangle resistance (around $85,000–$85,500).
Target: Move toward the long target zone at 91,000–93,000.
Support: Horizontal green zone and EMA provide a cushion.
❌ Bearish Scenario (Less Likely – 40%)
Why: Weak MACD signal + triangle patterns can break either way.
Bearish Trigger: A strong breakdown below triangle support and EMA, especially a candle close below ~$83,000.
Target: Drop to the short target zone at $75,000–$76,000, possibly testing the trendline.
🔔 What to Watch For
A volume spike to confirm breakout direction.
MACD bullish crossover or continued divergence.
Candle close outside the triangle — do not preempt without confirmation.
📌 Summary:
The chart shows a strong bullish setup forming after a double bottom with consolidation in a symmetrical triangle. Most likely scenario is a bullish breakout targeting the 91K+ region, unless price breaks below ~
83K, which would invalidate the bullish thesis and open room for a deeper pullback to $75K.
More power to all your trades!
Intrepid Trader
4-hour BTC/USD (Bitcoin/US Dollar) chart.
🧠 Key Chart Elements
1. Chart Pattern
A symmetrical triangle (white lines) "DIAMOND" - has formed near the top of the move following a double bottom breakout.
The triangle indicates consolidation after a bullish move — often seen as a CONTINUATION pattern, but it can also break either way.
2. Double Bottom
Clearly marked, confirming a reversal from bearish to BULLISH trend.
The neckline breakout led to a strong push upwards, followed by this triangle pattern.
3. Targets
Long Target: Above 91,000 to 93,000 zone — likely measured from the triangle breakout.
Short Target: Around the 75,000-76,000 support zone — below key ascending trendline.
4. 50 EMA (Green Line)
The price is above the 50 EMA, suggesting bullish momentum is intact unless the 50 EMA breaks down.
5. MACD Indicator
The MACD lines are slightly bearish right now — potentially signaling a temporary pause or dip, but not a strong downward trend yet.
📊 Prediction: Two Likely Scenarios
✅ Bullish Scenario (Most Probable – 60%)
Why: Price is above EMA, double bottom breakout, triangle after impulse move, volume likely compressing.
Confirmation Needed: A breakout above the triangle resistance (around $85,000–$85,500).
Target: Move toward the long target zone at 91,000–93,000.
Support: Horizontal green zone and EMA provide a cushion.
❌ Bearish Scenario (Less Likely – 40%)
Why: Weak MACD signal + triangle patterns can break either way.
Bearish Trigger: A strong breakdown below triangle support and EMA, especially a candle close below ~$83,000.
Target: Drop to the short target zone at $75,000–$76,000, possibly testing the trendline.
🔔 What to Watch For
A volume spike to confirm breakout direction.
MACD bullish crossover or continued divergence.
Candle close outside the triangle — do not preempt without confirmation.
📌 Summary:
The chart shows a strong bullish setup forming after a double bottom with consolidation in a symmetrical triangle. Most likely scenario is a bullish breakout targeting the 91K+ region, unless price breaks below ~
83K, which would invalidate the bullish thesis and open room for a deeper pullback to $75K.More power to all your trades!
Intrepid Trader
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.