This chart analysis focuses on the BTCUSD pair on a 15-minute timeframe. Below is a detailed breakdown of the key elements:
### **Key Observations**:
1. **Trendline and Pattern**:
- There is a clearly drawn ascending trendline (black) that shows an upward bias in the market's overall structure.
- The price has been respecting this trendline, indicating strong buying pressure at the lower levels.
2. **Resistance Level (108,276)**:
- A horizontal blue resistance line at 108,276 marks an important level. A breakout above this resistance with a **green candle closing above** is a key signal for entering a long position.
- Historically, this level has acted as a significant barrier, rejecting price movement multiple times (seen with price failing near this level).
3. **Support Zones**:
- The green and red shaded regions between approximately **99,358–96,122** act as demand zones. These areas have historically attracted buying interest, with clear evidence of price bouncing from these levels.
4. **Trade Setup**:
- A **long position is planned** if the price breaks above the resistance (108,276) with confirmation from a candle closure.
- The potential trade includes a favorable **risk-to-reward ratio** indicated by the green (profit zone) and red (stop-loss zone) regions.
### **Technical Indicators**:
- **Double Bottom Formation (Bullish Reversal)**:
- Two circled regions (around 96,000) suggest a double bottom, signaling potential upward momentum. This strengthens the bullish bias.
- **Historical Resistance Retests**:
- Price has tested the horizontal resistance multiple times, indicating its strength. A breakout will likely lead to a significant move higher.
### **Risk Management**:
- **Stop Loss**:
- Positioned below the recent swing lows near **96,832** to protect against invalidation of the bullish setup.
- **Take Profit**:
- Potential targets are identified using Fibonacci levels or prior resistance zones, with the first target at **109,208**, aligning with the higher trendline.
### **Final Notes**:
- The setup relies heavily on price action. Ensure confirmation of the breakout with strong volume before entering the trade.
- Monitor BTCUSD fundamentals or macroeconomic events that may influence volatility during this period.
this is not trading advice .. trading is risky
### **Key Observations**:
1. **Trendline and Pattern**:
- There is a clearly drawn ascending trendline (black) that shows an upward bias in the market's overall structure.
- The price has been respecting this trendline, indicating strong buying pressure at the lower levels.
2. **Resistance Level (108,276)**:
- A horizontal blue resistance line at 108,276 marks an important level. A breakout above this resistance with a **green candle closing above** is a key signal for entering a long position.
- Historically, this level has acted as a significant barrier, rejecting price movement multiple times (seen with price failing near this level).
3. **Support Zones**:
- The green and red shaded regions between approximately **99,358–96,122** act as demand zones. These areas have historically attracted buying interest, with clear evidence of price bouncing from these levels.
4. **Trade Setup**:
- A **long position is planned** if the price breaks above the resistance (108,276) with confirmation from a candle closure.
- The potential trade includes a favorable **risk-to-reward ratio** indicated by the green (profit zone) and red (stop-loss zone) regions.
### **Technical Indicators**:
- **Double Bottom Formation (Bullish Reversal)**:
- Two circled regions (around 96,000) suggest a double bottom, signaling potential upward momentum. This strengthens the bullish bias.
- **Historical Resistance Retests**:
- Price has tested the horizontal resistance multiple times, indicating its strength. A breakout will likely lead to a significant move higher.
### **Risk Management**:
- **Stop Loss**:
- Positioned below the recent swing lows near **96,832** to protect against invalidation of the bullish setup.
- **Take Profit**:
- Potential targets are identified using Fibonacci levels or prior resistance zones, with the first target at **109,208**, aligning with the higher trendline.
### **Final Notes**:
- The setup relies heavily on price action. Ensure confirmation of the breakout with strong volume before entering the trade.
- Monitor BTCUSD fundamentals or macroeconomic events that may influence volatility during this period.
this is not trading advice .. trading is risky
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.