This chart illustrates a potential rising wedge pattern in the Bitcoin/USDT (BTC/USDT) 45-minute timeframe on Binance. Here's a breakdown of the key elements:
Chart Analysis:
Rising Wedge Pattern (Bearish):
The price is moving within converging trend lines (marked in blue), forming a rising wedge — typically a bearish reversal pattern.
The projected breakdown (blue arrow) suggests a move downward out of the wedge.
Support Zone (Yellow Box):
A strong historical support zone is highlighted, around the $103,000–$104,500 range.
This is the likely target if the price breaks down from the wedge.
Bearish Target:
If the breakdown occurs, the price may fall to the yellow support zone.
Volume spikes on recent candles suggest increasing interest or volatility.
Stop Loss Zone (Red Area):
The red shaded area at the top of the wedge likely represents a stop-loss for a short trade setup.
Current Price: Around $110,708.20 at the time of the snapshot.
Summary:
The chart implies a potential short opportunity based on the rising wedge breakdown, targeting the yellow support zone. Confirmation would be needed from a strong bearish candle closing below the lower wedge boundary with increased volume.
Would you like help identifying entry/exit points or risk management strategies for this trade setup?
Chart Analysis:
Rising Wedge Pattern (Bearish):
The price is moving within converging trend lines (marked in blue), forming a rising wedge — typically a bearish reversal pattern.
The projected breakdown (blue arrow) suggests a move downward out of the wedge.
Support Zone (Yellow Box):
A strong historical support zone is highlighted, around the $103,000–$104,500 range.
This is the likely target if the price breaks down from the wedge.
Bearish Target:
If the breakdown occurs, the price may fall to the yellow support zone.
Volume spikes on recent candles suggest increasing interest or volatility.
Stop Loss Zone (Red Area):
The red shaded area at the top of the wedge likely represents a stop-loss for a short trade setup.
Current Price: Around $110,708.20 at the time of the snapshot.
Summary:
The chart implies a potential short opportunity based on the rising wedge breakdown, targeting the yellow support zone. Confirmation would be needed from a strong bearish candle closing below the lower wedge boundary with increased volume.
Would you like help identifying entry/exit points or risk management strategies for this trade setup?
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t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
t.me/+EQ88IkMSUvQwMGJk
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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.