This chart is a technical analysis of the BTC/USD pair (Bitcoin against the US Dollar) on a 15-minute timeframe.
**Key Observations:** 1. **Rising Channel:** - The price is currently moving within an upward channel marked by two parallel blue lines. This indicates a short-term bullish trend.
2. **Resistance Zones:** - **Red Zone (~98,033 - 98,977):** A previously tested supply zone where sellers were active. The price has broken above this level, suggesting bullish momentum. - **Green Zone (~100,338 - 101,216):** The next potential resistance area. This is likely a higher timeframe resistance zone where selling pressure may emerge.
3. **Support Zones:** - **Yellow Zone (~94,229):** A significant demand zone at the bottom of the chart, indicating strong buying interest in this area. - **Horizontal Blue Lines (~98,033 and 95,920):** Possible support levels based on historical price action.
4. **Price Action:** - The price has recently broken out of the red supply zone, retested it as support, and continued upward, confirming a breakout.
5. **Projection (Arrow Path):** - The black arrow suggests a potential retracement back into the channel's mid-level or the red zone (~98,977), followed by another move upwards towards the green resistance zone (~101,216).
---
**Interpretation and Strategy:**
**Bullish Scenario:** - If the price remains above the red zone (98,033 - 98,977), it may continue climbing toward the green zone (100,338 - 101,216). A break above this green resistance zone could lead to further gains, targeting new highs.
**Bearish Scenario:** - If the price fails to hold above the red zone (98,033 - 98,977), it could fall back toward the lower support levels at 95,920 or even the yellow demand zone (~94,229).
**Trading Strategy:** 1. **Long Position:** - Look for a retest of the red zone (~98,977) as support before entering long, with targets around 100,338 or 101,216. - Stop loss: Below the red zone (~98,033).
2. **Short Position:** - Consider shorting near the green zone (~101,216) if there's a rejection, with a target back to 98,977 or lower. - Stop loss: Above 101,216.
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.