BTCUSD ANALYSIS IS BUY POSSIBLE (READ THE CAPTION)This chart displays a technical analysis for Bitcoin (BTC/USD) on the 4-hour timeframe using the Bitstamp exchange data. Here’s a detailed breakdown of the analysis:
1. Demand Zone:
A highlighted area above 101,700, indicating a potential support level where buying interest might be strong.
2. Price Action:
Bitcoin is currently trading around 101,709, with slight fluctuations in the market as shown by the candlestick patterns.
A consolidation and upward movement can be observed, signaling a possible bullish trend.
3. Targets and Stop Loss:
First Target: Set at 104,962, indicating a near-term resistance level or price goal for a long position.
Second Target: Set at 108,561, suggesting a longer-term bullish target.
Stop Loss: Marked at 98,083, below the current price, which helps limit potential losses if the price reverses.
4. Trade Setup:
A long position seems to be recommended, with a favorable risk-to-reward ratio.
The green zone represents the potential profit range, while the red zone highlights the risk or stop-loss area.
5. Volume Profile:
The vertical histogram on the right side shows trading volume at different price levels. Higher activity is concentrated near the current price, indicating strong participation.
