The chart you've provided is a 4-hour candlestick chart for BTC/USDT (Bitcoin/US Dollar Tether) on Binance, with annotations showing a potential price correction or pullback scenario.
Here are the key details:
1. Current Price: Around $103,851.52.
2. Channel: Price is moving within an upward (ascending) channel, shown by two parallel black trend lines.
3. Highlighted Zones:
Resistance Zone: Around the $104,000 to $106,000 range (marked with a yellow box).
Support Zone: Around the $96,000 level (another yellow box), which aligns with the bottom trend line.
4. Projections:
Initial Rise: A 12.82% increase (~$10,819) is shown on the left.
Recent Rise: A similar 11.19% increase (~$10,504) leads into the current level.
Predicted Pullback: The black zigzag line suggests a drop toward the support zone.
Measured Drop: Estimated at -6.59% or ~$6,889.
5. Technical Implication:
If the price breaks below the support zone or lower channel, a further drop may occur.
However, if it bounces off support, it may resume upward.
This chart appears to forecast a short-term correction before a possible rebound within the bullish channel.
Would you like a deeper technical analysis or suggestions on trade strategies?
Here are the key details:
1. Current Price: Around $103,851.52.
2. Channel: Price is moving within an upward (ascending) channel, shown by two parallel black trend lines.
3. Highlighted Zones:
Resistance Zone: Around the $104,000 to $106,000 range (marked with a yellow box).
Support Zone: Around the $96,000 level (another yellow box), which aligns with the bottom trend line.
4. Projections:
Initial Rise: A 12.82% increase (~$10,819) is shown on the left.
Recent Rise: A similar 11.19% increase (~$10,504) leads into the current level.
Predicted Pullback: The black zigzag line suggests a drop toward the support zone.
Measured Drop: Estimated at -6.59% or ~$6,889.
5. Technical Implication:
If the price breaks below the support zone or lower channel, a further drop may occur.
However, if it bounces off support, it may resume upward.
This chart appears to forecast a short-term correction before a possible rebound within the bullish channel.
Would you like a deeper technical analysis or suggestions on trade strategies?
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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.
Join my telegram for free signals link in below
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.