This chart shows the Bitcoin (BTC/USD) price action on the 1-hour timeframe, published on TradingView.
Key Details:
Chart Pattern: A distribution phase is visible, forming what appears to be a double or triple top pattern in a resistance zone (highlighted in yellow at the top), which typically signals potential reversal or bearish breakdown.
Current Price: Around $102,265, down by 1.22%.
Support and Resistance Zones:
Resistance: Around $105,600–$105,643
Support: Around $96,000–$97,322
Bearish Projection:
The blue arrow indicates a bearish move is expected, targeting the support zone near $96,000.
This suggests a short position setup, possibly expecting profit-taking at the support zone.
Price Ranges Marked:
Red and green shaded boxes indicate stop-loss and take-profit zones respectively, with risk-reward considerations.
This chart suggests a bearish sentiment in the short term, with the analyst expecting a decline to the lower yellow zone after multiple failed attempts to break resistance.
Let me know if you want technical indicators or further analysis.
Key Details:
Chart Pattern: A distribution phase is visible, forming what appears to be a double or triple top pattern in a resistance zone (highlighted in yellow at the top), which typically signals potential reversal or bearish breakdown.
Current Price: Around $102,265, down by 1.22%.
Support and Resistance Zones:
Resistance: Around $105,600–$105,643
Support: Around $96,000–$97,322
Bearish Projection:
The blue arrow indicates a bearish move is expected, targeting the support zone near $96,000.
This suggests a short position setup, possibly expecting profit-taking at the support zone.
Price Ranges Marked:
Red and green shaded boxes indicate stop-loss and take-profit zones respectively, with risk-reward considerations.
This chart suggests a bearish sentiment in the short term, with the analyst expecting a decline to the lower yellow zone after multiple failed attempts to break resistance.
Let me know if you want technical indicators or further analysis.
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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.
t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
t.me/+EQ88IkMSUvQwMGJk
Join telegram channel free
t.me/+EQ88IkMSUvQwMGJk
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.