### **Description:**
This chart highlights a **descending triangle breakout setup** for Bitcoin (
BTCUSD), with critical levels to watch as it approaches a decision zone:- **📍 Entry Zone**: **$97,130** (Yellow Line) — This level aligns with a breakout from the descending trendline, indicating potential upward momentum.
- **❌ Stop Loss (SL)**: **$93,700** (White Line) — Placed below a strong support level to minimize downside risk in case of a breakdown.
- **🎯 Target 1 (T1)**: **$102,632** (Red Line) — The first key resistance zone and profit-taking level.
- **🏆 Target 2 (T2)**: **$108,387** (Green Line) — Aligns with previous highs and serves as the extended target for significant upward movement.
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### **Why This Chart is Important:**
1. **Technical Setup**:
- The chart showcases a **descending triangle pattern**, which is a high-probability breakout setup. A bullish breakout here could lead to strong price momentum.
2. **Risk-Reward Opportunity**:
- With a tight stop loss at **$93,700** and clear targets, this trade provides an excellent risk-reward ratio for both short-term and swing traders.
3. **Market Relevance**:
- Bitcoin’s price movement often dictates broader market trends, making this chart crucial for crypto market sentiment.
4. **Critical Levels**:
- Key levels highlighted ensure a disciplined approach, whether the breakout sustains or reverses.
### **Conclusion:**
This trading plan for Bitcoin presents a strong **risk-managed opportunity** as it approaches the breakout point at **$97,130**. Watch for confirmation of a breakout to target **$102,632 (T1)** and **$108,387 (T2)**, while protecting capital with a strict stop loss at **$93,700**. Monitor closely for market sentiment shifts as Bitcoin often sets the tone for the crypto market. 🚀
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.