BitcoinLong
BTCUSD CHART TECHNICAL ANALYSIS NEXT MOVE POSSIBLE
This is a Bitcoin (BTC/USD) price chart on a 1-hour timeframe from TradingView. Here's what it represents:
1. Previous Price Action:
A strong uptrend is indicated by the blue trendline, which was followed by a peak (highlighted with a red arrow and circle).
After reaching this peak, BTC experienced a sharp drop, forming a bearish move.
2. Key Support & Resistance:
A red zone (highlighted) indicates a support area where price previously reacted.
BTC is currently testing this zone, which suggests a potential bounce.
3. Forecast & Trade Setup:
The black zigzag line represents a potential bullish reversal scenario.
The trader anticipates BTC will rebound from the support zone and move towards the 99,154 target (green box).
Stop-loss levels are set around 96,824 – 96,483, ensuring risk management.
This chart suggests a long (buy) setup, expecting a price recovery towards 99,154 while protecting against downside risk.
1. Previous Price Action:
A strong uptrend is indicated by the blue trendline, which was followed by a peak (highlighted with a red arrow and circle).
After reaching this peak, BTC experienced a sharp drop, forming a bearish move.
2. Key Support & Resistance:
A red zone (highlighted) indicates a support area where price previously reacted.
BTC is currently testing this zone, which suggests a potential bounce.
3. Forecast & Trade Setup:
The black zigzag line represents a potential bullish reversal scenario.
The trader anticipates BTC will rebound from the support zone and move towards the 99,154 target (green box).
Stop-loss levels are set around 96,824 – 96,483, ensuring risk management.
This chart suggests a long (buy) setup, expecting a price recovery towards 99,154 while protecting against downside risk.
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.