The chart shows Bitcoin (BTC/USD) on a 1-hour timeframe, with a bullish breakout and a clear upward movement in price. Here’s a detailed breakdown:
Key Observations:
1. Price Action & Bullish Trend:
- The price shows strong bullish momentum after breaking out of a descending channel, where it was previously moving in a downward direction.
- The chart shows a breakout above the resistance level marked by the upper blue trendline of the descending channel. After this breakout, the price surged sharply, signaling the start of an upward trend.
2. FVG (Fair Value Gap):
- The FVG (Fair Value Gap) area is marked around the 84,000 level. This gap represents an imbalance in price action, where there may have been a lack of price discovery.
- The FVG can act as a support zone. If the price retraces back toward this level, it may find support and continue the bullish movement toward the target.
3. Target:
- The target is set at 86,134, indicating the price goal for the current bullish move. After the breakout above the descending channel, the next resistance zone is at this level, which could be a key point to monitor for possible profit-taking or reversal.- If the price moves towards the target, a breakout beyond this level would signal further upside potential.
4. Volume:
- The volume has been increasing during the upward price movement, suggesting that the buying pressure is strong and that the trend may continue if the volume remains elevated.
Potential Scenarios:
1. Bullish Continuation:
- The price has recently broken out above the resistance trendline, and if it holds above the FVG zone (around 84,000), the bullish momentum could continue. The next key target is 86,134, and if this level is breached, further upside could be expected.
2. Retracement and Buy Opportunity:
- If the price retraces back toward the FVG zone at 84,000, traders may consider entering long positions, with a possible target at 86,134. A bounce off this level could provide confirmation that the bullish trend is intact.
3. Breakdown Below Support:
- If the price fails to hold above the FVG zone and breaks below 84,000, the bullish thesis may weaken, and the market may consolidate or reverse.
Key Observations:
1. Price Action & Bullish Trend:
- The price shows strong bullish momentum after breaking out of a descending channel, where it was previously moving in a downward direction.
- The chart shows a breakout above the resistance level marked by the upper blue trendline of the descending channel. After this breakout, the price surged sharply, signaling the start of an upward trend.
2. FVG (Fair Value Gap):
- The FVG (Fair Value Gap) area is marked around the 84,000 level. This gap represents an imbalance in price action, where there may have been a lack of price discovery.
- The FVG can act as a support zone. If the price retraces back toward this level, it may find support and continue the bullish movement toward the target.
3. Target:
- The target is set at 86,134, indicating the price goal for the current bullish move. After the breakout above the descending channel, the next resistance zone is at this level, which could be a key point to monitor for possible profit-taking or reversal.- If the price moves towards the target, a breakout beyond this level would signal further upside potential.
4. Volume:
- The volume has been increasing during the upward price movement, suggesting that the buying pressure is strong and that the trend may continue if the volume remains elevated.
Potential Scenarios:
1. Bullish Continuation:
- The price has recently broken out above the resistance trendline, and if it holds above the FVG zone (around 84,000), the bullish momentum could continue. The next key target is 86,134, and if this level is breached, further upside could be expected.
2. Retracement and Buy Opportunity:
- If the price retraces back toward the FVG zone at 84,000, traders may consider entering long positions, with a possible target at 86,134. A bounce off this level could provide confirmation that the bullish trend is intact.
3. Breakdown Below Support:
- If the price fails to hold above the FVG zone and breaks below 84,000, the bullish thesis may weaken, and the market may consolidate or reverse.
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Related publications
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.
👉Free Telegram Channel Link 👇
t.me/+o7AGmpIUIjM2YWM8
Vip Paid Signals Link 🔗
t.me/+o7AGmpIUIjM2YWM8
Recommend Best Broker Exness
Partner link 👇
one.exnesstrack.org/a/cpngkkjhvf
t.me/+o7AGmpIUIjM2YWM8
Vip Paid Signals Link 🔗
t.me/+o7AGmpIUIjM2YWM8
Recommend Best Broker Exness
Partner link 👇
one.exnesstrack.org/a/cpngkkjhvf
Related publications
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.