If BTC stays above the support zone (around $84,000 - $85,000), it’s a decent buying opportunity, especially if We’re targeting $100,000.
If BTC breaks above $90,000 with strong volume, the chance to buy becomes even stronger.
Rough probability (based on chart analysis only):
60-70% chance of a successful buy if the support holds and resistance breaks.
30-40% chance of failure if resistance holds and BTC falls back below support.
1. Support and Resistance Zones:
Resistance Zone (Top): Marked at the top around $100,000. This is a price level where selling pressure has historically been strong, preventing the price from moving higher.
Support Zone (Bottom): Marked near $84,000. This is a price level where buying pressure has historically been strong, preventing the price from falling further.
2. Supertrend Indicator:
The Supertrend (10,3) is displayed, which is a popular trend-following indicator.
Red Supertrend areas indicate bearish conditions.
Price action has interacted with this Supertrend line multiple times.
3. Highlighted Circles (Key Price Reactions):
Yellow Circle (Near Resistance): Shows where the price tried to break above resistance but was rejected, signaling a strong resistance zone.
Blue Circles (Near Support): Show areas where the price tested the support zone and bounced back upwards, confirming this level as strong support.
4. Projected Price Path:
A black zig-zag line is drawn, indicating a possible bullish price projection towards $100,000, suggesting the price might break resistance after consolidating.
5. Risk-Reward Setup (Green & Red Box):
Green Box (Potential Profit Zone): Indicates the potential upside if the price follows the projected bullish move.
Red Box (Stop Loss Zone): Indicates the risk level below the current price, likely near the recent support zone.
Overall Analysis:
This chart shows a bullish setup, where the trader expects Bitcoin to respect the support zone and eventually break above the resistance, targeting around $100,319. The setup is a classic range-to-breakout play, with clear risk management below support.
If BTC breaks above $90,000 with strong volume, the chance to buy becomes even stronger.
Rough probability (based on chart analysis only):
60-70% chance of a successful buy if the support holds and resistance breaks.
30-40% chance of failure if resistance holds and BTC falls back below support.
1. Support and Resistance Zones:
Resistance Zone (Top): Marked at the top around $100,000. This is a price level where selling pressure has historically been strong, preventing the price from moving higher.
Support Zone (Bottom): Marked near $84,000. This is a price level where buying pressure has historically been strong, preventing the price from falling further.
2. Supertrend Indicator:
The Supertrend (10,3) is displayed, which is a popular trend-following indicator.
Red Supertrend areas indicate bearish conditions.
Price action has interacted with this Supertrend line multiple times.
3. Highlighted Circles (Key Price Reactions):
Yellow Circle (Near Resistance): Shows where the price tried to break above resistance but was rejected, signaling a strong resistance zone.
Blue Circles (Near Support): Show areas where the price tested the support zone and bounced back upwards, confirming this level as strong support.
4. Projected Price Path:
A black zig-zag line is drawn, indicating a possible bullish price projection towards $100,000, suggesting the price might break resistance after consolidating.
5. Risk-Reward Setup (Green & Red Box):
Green Box (Potential Profit Zone): Indicates the potential upside if the price follows the projected bullish move.
Red Box (Stop Loss Zone): Indicates the risk level below the current price, likely near the recent support zone.
Overall Analysis:
This chart shows a bullish setup, where the trader expects Bitcoin to respect the support zone and eventually break above the resistance, targeting around $100,319. The setup is a classic range-to-breakout play, with clear risk management below support.
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.