This chart shows the 1-hour candlestick pattern of Bitcoin (BTC/USD) on the BITSTAMP exchange, dated June 8, 2025. Here's a breakdown of the chart:
Key Elements:
1. Price Level: Bitcoin is trading at $106,299, up $680 (+0.64%).
2. Chart Patterns:
Ascending Channel: The price is climbing within an upward-sloping channel.
Bullish Flag/Pennant: After a strong upward movement, there’s a brief consolidation (flag or pennant), followed by a breakout upward.
Breakout Confirmation: A breakout from the consolidation suggests a continuation of the bullish trend.
3. Support & Resistance:
Support Line: Around the $106,000 level (marked in blue).
Resistance Target: Projected move to $108,000 (marked in green), with an intermediate level near $107,613.
4. Projection Arrow: A green arrow forecasts a bullish move toward the $108,000 resistance area.
Interpretation:
The chart suggests a bullish bias.
Technical indicators like breakout patterns and rising channels hint at a potential continuation toward the $108,000 level.
Traders might view this as a long opportunity with a target near the next resistance.
Let me know if you want a more detailed technical analysis or trading strategy based on this chart.
Key Elements:
1. Price Level: Bitcoin is trading at $106,299, up $680 (+0.64%).
2. Chart Patterns:
Ascending Channel: The price is climbing within an upward-sloping channel.
Bullish Flag/Pennant: After a strong upward movement, there’s a brief consolidation (flag or pennant), followed by a breakout upward.
Breakout Confirmation: A breakout from the consolidation suggests a continuation of the bullish trend.
3. Support & Resistance:
Support Line: Around the $106,000 level (marked in blue).
Resistance Target: Projected move to $108,000 (marked in green), with an intermediate level near $107,613.
4. Projection Arrow: A green arrow forecasts a bullish move toward the $108,000 resistance area.
Interpretation:
The chart suggests a bullish bias.
Technical indicators like breakout patterns and rising channels hint at a potential continuation toward the $108,000 level.
Traders might view this as a long opportunity with a target near the next resistance.
Let me know if you want a more detailed technical analysis or trading strategy based on this chart.
Trade closed: target reached
BTCUSD TARGET successfully reached. 
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.