This chart shows a 1-hour time frame for Bitcoin (BTC/USD) on Bitstamp, with technical analysis indicating a potential bearish move. Here’s a breakdown of the chart:
Price Range: The chart highlights a trading range between approximately $102,714 (support) and $112,053 (resistance), marked with yellow zones.
Current Price: BTC is trading around $109,026.
Bearish Signal: A blue arrow points downward, suggesting an anticipated drop in price.
Pattern Suggestion: It looks like a potential double top or lower high is forming, signaling weakening bullish momentum.
Target Zone: The arrow points towards the support zone around $102,714, implying that the chartist expects BTC to fall to that level.
This type of analysis is often used for short-term trades and may involve setting stop-losses near $112,053 and profit targets near $102,714. Let me know if you'd like help interpreting this pattern further or backtesting the setup.
Price Range: The chart highlights a trading range between approximately $102,714 (support) and $112,053 (resistance), marked with yellow zones.
Current Price: BTC is trading around $109,026.
Bearish Signal: A blue arrow points downward, suggesting an anticipated drop in price.
Pattern Suggestion: It looks like a potential double top or lower high is forming, signaling weakening bullish momentum.
Target Zone: The arrow points towards the support zone around $102,714, implying that the chartist expects BTC to fall to that level.
This type of analysis is often used for short-term trades and may involve setting stop-losses near $112,053 and profit targets near $102,714. Let me know if you'd like help interpreting this pattern further or backtesting the setup.
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t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
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Related publications
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.