Instrument: BTC/USD
Entry: $ 105,218
Take Profit (TP): $ 106,910
Stop Loss (SL): $ 104,400
Technical Analysis:
Price has broken a local resistance zone between 104,700 - 104,960.
A successful retest of this zone turned previous resistance into support.
Price is currently trading within a broadening wedge pattern.
Placing the stop loss just below the wedge support (at 104,400) helps manage risk effectively.
The Risk-Reward Ratio is approximately 1:2, The RSI on the 1-hour chart is at 63, indicating a valid and still intact short-term uptrend.
Fundamental Outlook:
The upcoming ISM Manufacturing PMI release and Powell’s speech are expected to increase market volume and volatility, potentially supporting the bullish momentum.
Entry: $ 105,218
Take Profit (TP): $ 106,910
Stop Loss (SL): $ 104,400
Technical Analysis:
Price has broken a local resistance zone between 104,700 - 104,960.
A successful retest of this zone turned previous resistance into support.
Price is currently trading within a broadening wedge pattern.
Placing the stop loss just below the wedge support (at 104,400) helps manage risk effectively.
The Risk-Reward Ratio is approximately 1:2, The RSI on the 1-hour chart is at 63, indicating a valid and still intact short-term uptrend.
Fundamental Outlook:
The upcoming ISM Manufacturing PMI release and Powell’s speech are expected to increase market volume and volatility, potentially supporting the bullish momentum.
GODO Capital Markets
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.
GODO Capital Markets
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.