BTC/USD: Key Trading Zones with SMC & Fibonacci
Updated
BTCUSD BTC/USD: Key Trading Zones with SMC & FibonacciTechnical Analysis and Trading Strategy
Description
The chart displays the Bitcoin (BTC) to US Dollar (USD) trading pair on a 4-hour timeframe, published on TradingView. The chart includes various technical indicators and annotations such as Break of Structure (BOS), Change of Character (CHoCH), and Fibonacci retracement levels. The chart also features volume profile bars on the right, RSI (Relative Strength Index) at the bottom, and MACD (Moving Average Convergence Divergence) histograms.
Analysis
Price Action and SMC Analysis:
Break of Structure (BOS): Multiple BOS points are marked, indicating significant shifts in market structure.
Change of Character (CHoCH): A CHoCH is noted, suggesting a potential reversal or significant change in trend.
Support and Resistance Levels: Key levels are marked at 103,647 (resistance), 98,951 (resistance), 97,778 (current price), 95,583 (support), and 92,118 (support).
Indicators:
Volume Profile: Shows high trading activity around the 98,951 level, indicating strong resistance.
RSI: Currently at 62.50, suggesting the market is approaching overbought conditions.
MACD: The histogram shows green bars, indicating bullish momentum, but with some red bars suggesting potential weakening.
Fibonacci Retracement:
The Fibonacci retracement levels are drawn from a recent high to low, with the 0.618 level around 97,778, which is a critical level for potential reversals.
Buy Strategy
Entry: Buy at 97,778 (current price level and Fibonacci 0.618 retracement level).
Take Profit 1 (TP1): 98,951 (next resistance level).
Take Profit 2 (TP2): 103,647 (major resistance level).
Stop Loss (SL): 95,583 (below the recent support level).
Sell Strategy
Entry: Sell at 98,951 (resistance level).
Take Profit 1 (TP1): 95,583 (support level).
Take Profit 2 (TP2): 92,118 (major support level).
Stop Loss (SL):) 99,800 (above the resistance level).'
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This detailed analysis utilizes multiple trading strategies, including Price Action, Smart Money Concepts (SMC), ICT, and Elliott Wave Theory, to generate comprehensive buy and sell strategies for Bitcoin (BTC/USD). The indicators shown in the chart, such as RSI, MACD, and Fibonacci retracement levels, support the analysis and identify key levels for entry, take profit, and stop loss.
Trade active
Entry: Buy at 97,778 (current price level and Fibonacci 0.618 retracement level).Note
Elliott Wave Analysis:
The chart appears to be in a corrective phase, with potential for a new impulse wave if the price breaks above the recent resistance levels.
Buy Strategy
Entry: $98,107 (above recent resistance)
Take Profit 1 (TP1): $98,951 (next resistance level)
Take Profit 2 (TP2): $100,000 (psychological level)
Stop Loss (SL): $97,107 (below recent support)
Sell Strategy
Entry: $95,583 (below recent support)
Take Profit 1 (TP1): $92,118 (next support level)
Take Profit 2 (TP2): $91,315 (strong support level)
Stop Loss (SL): $96,089 (above recent resistance)
Alex Gold Hunter
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Disclaimer
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