BitcoinShort
BTC/USD bearish analysis (Read caption..)
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According to my analysis, above chart presents a bearish setup for Bitcoin (BTC/USD) on a 2-hour timeframe, with technical patterns indicating a potential price decline:
1. Descending Channel:
The price is moving within a falling channel, bounded by a downward-sloping resistance and support line. This suggests a broader bearish trend, with the price oscillating between these boundaries.
2. Head-and-Shoulders Formation:
A head-and-shoulders pattern near the resistance line signals a potential reversal to the downside. This pattern is commonly associated with a shift from bullish to bearish momentum.
3. Trading Strategy;
Entry Point (97,706 USD): The ideal level to enter a short (sell) position as the price nears resistance.
Stop Loss (SL): Placed at 99,106 USD, slightly above resistance, to limit losses if the price breaks out upward.
First Take Profit (96,708 USD): A partial profit target within the channel.
Final Target (95,178 USD): The lower boundary of the descending channel, where the price may find support.
The chart's analysis highlights a bearish outlook, with the assumption that Bitcoin will respect the descending channel and head lower. Traders are advised to manage risk carefully using the defined stop loss and profit-taking levels.
Kindly support me, like, comment and follow for more updates..
Note: One thing you should know it is for educational purposes not the trading advice.
According to my analysis, above chart presents a bearish setup for Bitcoin (BTC/USD) on a 2-hour timeframe, with technical patterns indicating a potential price decline:
1. Descending Channel:
The price is moving within a falling channel, bounded by a downward-sloping resistance and support line. This suggests a broader bearish trend, with the price oscillating between these boundaries.
2. Head-and-Shoulders Formation:
A head-and-shoulders pattern near the resistance line signals a potential reversal to the downside. This pattern is commonly associated with a shift from bullish to bearish momentum.
3. Trading Strategy;
Entry Point (97,706 USD): The ideal level to enter a short (sell) position as the price nears resistance.
Stop Loss (SL): Placed at 99,106 USD, slightly above resistance, to limit losses if the price breaks out upward.
First Take Profit (96,708 USD): A partial profit target within the channel.
Final Target (95,178 USD): The lower boundary of the descending channel, where the price may find support.
The chart's analysis highlights a bearish outlook, with the assumption that Bitcoin will respect the descending channel and head lower. Traders are advised to manage risk carefully using the defined stop loss and profit-taking levels.
Kindly support me, like, comment and follow for more updates..
Note: One thing you should know it is for educational purposes not the trading advice.
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