This is a Bitcoin (BTC/USD) price chart from TradingView with a 1-hour timeframe on the BITSTAMP exchange. The price is currently at $83,844, showing a +0.86% increase.
Key Features of the Chart:
Resistance Zones (Red Rectangles):
A lower resistance zone around $85,000.
A higher resistance zone around $87,000.
Price Projection (Blue Arrow & Zigzag Line):
The blue arrow suggests a potential move upward towards the $85,000 resistance.
The zigzag pattern implies possible price consolidation or fluctuations before testing the resistance.
Market Implication:
If Bitcoin breaks through $85,000, it could push toward the $87,000 resistance level.
If it gets rejected at $85,000, a retracement could follow.
Would you like an analysis on potential trading strategies based on this setup?
Key Features of the Chart:
Resistance Zones (Red Rectangles):
A lower resistance zone around $85,000.
A higher resistance zone around $87,000.
Price Projection (Blue Arrow & Zigzag Line):
The blue arrow suggests a potential move upward towards the $85,000 resistance.
The zigzag pattern implies possible price consolidation or fluctuations before testing the resistance.
Market Implication:
If Bitcoin breaks through $85,000, it could push toward the $87,000 resistance level.
If it gets rejected at $85,000, a retracement could follow.
Would you like an analysis on potential trading strategies based on this setup?
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.