This chart represents a technical analysis of Bitcoin (BTC/USD) on the 1-hour timeframe, using harmonic patterns, support/resistance zones, and price action analysis.
Key Elements in the Chart:
Harmonic Pattern Formation
The chart shows a harmonic trading pattern, likely a Gartley or Bat pattern, identified with points X, A, B, C, and D.
Fibonacci ratios (e.g., 0.567, 0.667, 1.1, 1.77) indicate retracement and extension levels.
Sell Zone (Resistance Area)
The "SELL ZOON" (Sell Zone) is a strong resistance area where price previously reversed.
A bearish reaction is observed when price enters this area.
Strong Selling Position
The label "strong position" suggests that sellers took control in this region.
Price dropped significantly after reaching this area.
240 Pips Move (Price Drop)
The price dropped 240 pips after hitting resistance, indicating a significant bearish move.
Current Market Outlook
The red zone (resistance) and green zone (potential target) show a trading setup.
The price is consolidating, and a breakout could happen.
Possible Future Movement
Bullish Scenario: If price breaks above the resistance, it may target 87,319.
Bearish Scenario: If price fails at resistance, another downward move toward 81,005 or lower is possible.
Summary:
This chart is a technical analysis for BTC/USD, using harmonic patterns, support/resistance levels, and price action. The trader is watching for a potential breakout or rejection at the current resistance zone to decide the next move.
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Key Elements in the Chart:
Harmonic Pattern Formation
The chart shows a harmonic trading pattern, likely a Gartley or Bat pattern, identified with points X, A, B, C, and D.
Fibonacci ratios (e.g., 0.567, 0.667, 1.1, 1.77) indicate retracement and extension levels.
Sell Zone (Resistance Area)
The "SELL ZOON" (Sell Zone) is a strong resistance area where price previously reversed.
A bearish reaction is observed when price enters this area.
Strong Selling Position
The label "strong position" suggests that sellers took control in this region.
Price dropped significantly after reaching this area.
240 Pips Move (Price Drop)
The price dropped 240 pips after hitting resistance, indicating a significant bearish move.
Current Market Outlook
The red zone (resistance) and green zone (potential target) show a trading setup.
The price is consolidating, and a breakout could happen.
Possible Future Movement
Bullish Scenario: If price breaks above the resistance, it may target 87,319.
Bearish Scenario: If price fails at resistance, another downward move toward 81,005 or lower is possible.
Summary:
This chart is a technical analysis for BTC/USD, using harmonic patterns, support/resistance levels, and price action. The trader is watching for a potential breakout or rejection at the current resistance zone to decide the next move.
Would you like help interpreting it further? 🚀
Is this conversation helpful so far?
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✅ BTC & other coins
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✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
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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.
World Best Signals Channel here 🤝
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
✅ XAUUSD Gold
✅ BTC & other coins
✅ EURUSD
✅ USDJPY
✅ GBPUSD
✅ ETH USD
Telegram channel 👇👇
t.me/+QYl1pO28OrY0ZTU0
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.