This BTC/USD (Bitcoin vs. US Dollar) 2-hour chart outlines a potential long (buy) trade setup based on price action and key support/resistance zones:
Key Observations:
Support Zone (Entry Area): Around $103,800–$104,200
Price has bounced from this zone multiple times, indicating strong buyer interest.
Stop Loss: Below the key support at $102,769.78
A break below this invalidates the long setup.
Resistance Zone (Short-Term Target): Around $109,000
Price has rejected this area before — likely a first target for bulls.
Take Profit Zone (Final Target): Around $110,500–$111,500
Highlighted in purple with a “TAKE PROFIT” label — recent highs.
Bullish Scenario (Highlighted):
If price respects support and breaks above $106,000–$107,000 resistance → Expect a move toward $109,000 and potentially $111,000.
Bearish Risk:
If price breaks below $104,000 and closes below $102,769 → Trade invalid, downside continuation likely.
Strategy Summary:
Buy Zone: $104,000 area
Stop Loss: Below $102,770
Take Profit Targets:
1st: $109,000
2nd: $110,500–$111,500
Let me know if you'd like a risk/reward ratio calculation or want this translated into a trading plan.
Key Observations:
Support Zone (Entry Area): Around $103,800–$104,200
Price has bounced from this zone multiple times, indicating strong buyer interest.
Stop Loss: Below the key support at $102,769.78
A break below this invalidates the long setup.
Resistance Zone (Short-Term Target): Around $109,000
Price has rejected this area before — likely a first target for bulls.
Take Profit Zone (Final Target): Around $110,500–$111,500
Highlighted in purple with a “TAKE PROFIT” label — recent highs.
Bullish Scenario (Highlighted):
If price respects support and breaks above $106,000–$107,000 resistance → Expect a move toward $109,000 and potentially $111,000.
Bearish Risk:
If price breaks below $104,000 and closes below $102,769 → Trade invalid, downside continuation likely.
Strategy Summary:
Buy Zone: $104,000 area
Stop Loss: Below $102,770
Take Profit Targets:
1st: $109,000
2nd: $110,500–$111,500
Let me know if you'd like a risk/reward ratio calculation or want this translated into a trading plan.
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.