Forecast Based on the Chart:
Entry Point: The price is currently around $84,026.92.
Stop Loss: Positioned slightly above the resistance level near $84,500 - $85,000.
Take Profit: Targeting support around $80,000.
Price Action:
The chart suggests Bitcoin may face resistance at the current level.
A rejection from this resistance could trigger a downward move.
The expected drop follows a zig-zag pattern, potentially hitting $80,000 as support.
Conclusion:
If Bitcoin fails to break above the resistance, a short trade could be profitable. However, a breakout above the stop-loss zone would invalidate this bearish setup, potentially leading to further upward momentum.
Entry Point: The price is currently around $84,026.92.
Stop Loss: Positioned slightly above the resistance level near $84,500 - $85,000.
Take Profit: Targeting support around $80,000.
Price Action:
The chart suggests Bitcoin may face resistance at the current level.
A rejection from this resistance could trigger a downward move.
The expected drop follows a zig-zag pattern, potentially hitting $80,000 as support.
Conclusion:
If Bitcoin fails to break above the resistance, a short trade could be profitable. However, a breakout above the stop-loss zone would invalidate this bearish setup, potentially leading to further upward momentum.
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.