This BTC/USD 4-hour chart shows a clear technical analysis setup:
Key Elements Identified:
1. Consolidation Zones (Blue Boxes):
These mark periods of sideways price action (range-bound).
Followed by breakouts to the upside.
2. Descending Channel (Orange Lines):
The chart shows a corrective structure where price moved down within parallel lines.
Price eventually broke out upward from this channel — a bullish signal.
3. Reversal Pattern (W-Shaped):
Within the descending channel, a "W" or double bottom reversal pattern formed, confirming trend reversal after breakout.
4. Current Setup:
Price is in an upward move.
A potential bullish retracement (indicated by the green arrow) is expected toward a support level near 106,606.71.
The projected continuation targets a take-profit level near 109,126.90.
Interpretation:
This is a bullish continuation setup.
The chart suggests:
Buy near 106,606.71 (support).
Target near 109,126.90 (resistance).
The strategy anticipates a bounce from support and continuation toward resistance.
Would you like a trading plan (entry, stop loss, target) based on this setup?
Key Elements Identified:
1. Consolidation Zones (Blue Boxes):
These mark periods of sideways price action (range-bound).
Followed by breakouts to the upside.
2. Descending Channel (Orange Lines):
The chart shows a corrective structure where price moved down within parallel lines.
Price eventually broke out upward from this channel — a bullish signal.
3. Reversal Pattern (W-Shaped):
Within the descending channel, a "W" or double bottom reversal pattern formed, confirming trend reversal after breakout.
4. Current Setup:
Price is in an upward move.
A potential bullish retracement (indicated by the green arrow) is expected toward a support level near 106,606.71.
The projected continuation targets a take-profit level near 109,126.90.
Interpretation:
This is a bullish continuation setup.
The chart suggests:
Buy near 106,606.71 (support).
Target near 109,126.90 (resistance).
The strategy anticipates a bounce from support and continuation toward resistance.
Would you like a trading plan (entry, stop loss, target) based on this setup?
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.