This is a technical analysis of the BTC/USD (Bitcoin/US Dollar) market on the 4-hour timeframe, using Heikin Ashi candles. Below is a description of the chart analysis:
1. Trend and Pattern:
A bullish ascending channel is identified with price consistently moving higher within the blue boundaries.
A cup and handle pattern (yellow) suggests potential bullish momentum after a consolidation phase.
2. Key Levels:
Resistance Zones: Highlighted in purple at 104,008, 106,918, and 110,616, indicating potential target levels for upward movement.
Support Zone: Marked with a red "Stop Loss" level below the current price at approximately 96,000, acting as a risk management level.
3. Price Action:
The price has broken out of the consolidation zone and is now testing higher resistance levels.
Potential breakout scenarios are drawn, showing a pathway for price movement toward the upper resistance levels.
4. Targets:
First Target: 104,008.
Second Target: 106,918.
Final Target: 110,616.
5. Risk Management:
A stop-loss level is set below the previous swing low, ensuring a safety net if the price reverses
1. Trend and Pattern:
A bullish ascending channel is identified with price consistently moving higher within the blue boundaries.
A cup and handle pattern (yellow) suggests potential bullish momentum after a consolidation phase.
2. Key Levels:
Resistance Zones: Highlighted in purple at 104,008, 106,918, and 110,616, indicating potential target levels for upward movement.
Support Zone: Marked with a red "Stop Loss" level below the current price at approximately 96,000, acting as a risk management level.
3. Price Action:
The price has broken out of the consolidation zone and is now testing higher resistance levels.
Potential breakout scenarios are drawn, showing a pathway for price movement toward the upper resistance levels.
4. Targets:
First Target: 104,008.
Second Target: 106,918.
Final Target: 110,616.
5. Risk Management:
A stop-loss level is set below the previous swing low, ensuring a safety net if the price reverses
Trade active
Hold
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.