This chart is a technical analysis of Bitcoin (BTC/USD) on a 2-hour timeframe, showing a possible bullish scenario. Here's a breakdown of what the chart indicates:
Key Price Levels:
Current Price: Around $105,494
Stop Loss: Marked near the $103,000–$104,000 range (highlighted red zone)
Take Profit Target: $112,231.19
Key Resistance Before TP: $108,986.15
Major Support Level: $100,780.62
Pattern:
The black lines trace a potential W (double bottom) or inverse head and shoulders formation—both bullish reversal patterns.
A breakout above the neckline (around $106,000) would confirm the pattern.
If the price holds above support and breaks past $108,986.15, the bullish move toward $112,231.19 becomes more likely.
Trading Strategy Highlighted:
Entry: Around current levels or on confirmation above the neckline.
Stop Loss: Just below recent lows in the red box.
Take Profit: Near $112,231.19, as the final target.
Risk Management:
Favorable risk-reward ratio if entering near current levels.
The SL/TP zones are clearly defined.
Let me know if you'd like help calculating the exact risk/reward ratio or if you want a version of this for another timeframe or asset.
Key Price Levels:
Current Price: Around $105,494
Stop Loss: Marked near the $103,000–$104,000 range (highlighted red zone)
Take Profit Target: $112,231.19
Key Resistance Before TP: $108,986.15
Major Support Level: $100,780.62
Pattern:
The black lines trace a potential W (double bottom) or inverse head and shoulders formation—both bullish reversal patterns.
A breakout above the neckline (around $106,000) would confirm the pattern.
If the price holds above support and breaks past $108,986.15, the bullish move toward $112,231.19 becomes more likely.
Trading Strategy Highlighted:
Entry: Around current levels or on confirmation above the neckline.
Stop Loss: Just below recent lows in the red box.
Take Profit: Near $112,231.19, as the final target.
Risk Management:
Favorable risk-reward ratio if entering near current levels.
The SL/TP zones are clearly defined.
Let me know if you'd like help calculating the exact risk/reward ratio or if you want a version of this for another timeframe or asset.
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.