The chart you've shared is a BTC/USD 4-hour timeframe analysis. Here's a breakdown of what it suggests:
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Chart Overview:
Current Price: ~$105,442
Price Range Displayed: ~$72,000 to ~$120,000
Pattern Identified: Rising wedge (bearish reversal pattern)
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Key Elements in the Chart:
1. Rising Wedge (Bearish):
The green ascending channel (wedge) shows a narrowing upward movement.
The price has broken down from this wedge — typically a bearish sign.
2. Resistance Zone (Red Box):
~108,000–109,600: Denoted as a resistance/supply area where sellers might step in.
3. Support Levels / Target Points:
First target: ~$100,206
Second target: ~$93,243 (with a lower bound near ~$93,052)
4. Bearish Projection:
The black and blue arrows suggest a forecasted drop to these target levels.
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Implication:
The chart implies a potential short trade setup, where:
Entry appears around the current price level (~$105K),
Stop-loss is near $109,600,
Take-profit is between $100,200 and $93,050.
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Would you like a technical write-up based on this chart or an updated real-time outlook based on the latest BTC price data?
Trade active
ACTIVE TRADETrade closed: target reached
ACTIVE TRADE
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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.