BTC/USDT | Trendline Retest for a Potential Downward Move
This BTC/USDT 4-hour chart presents a bearish setup following a retest of the ascending trendline, which previously acted as support but may now serve as resistance. Key details of the trade plan include:
This setup assumes a rejection at the trendline, signaling potential further downside. Monitor price action closely and use proper risk management. Share your thoughts or adjustments to refine the idea!
- Entry around the $95,584.8 level after the retest of the trendline.
- Stop-loss set above $96,694.0 to protect against invalidation.
- Targeting $91,702.3 as the initial take-profit zone, coinciding with a previous demand area.
This setup assumes a rejection at the trendline, signaling potential further downside. Monitor price action closely and use proper risk management. Share your thoughts or adjustments to refine the idea!
Trade active
Note
2R DownNote
3R downTrade closed: target reached
A good 1:3.5 RR trade. On to the next one.
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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.