This chart is a technical analysis of Bitcoin (BTC/USD) on the 1-hour timeframe. It includes various trading indicators and patterns, likely related to harmonic trading.
Here are the key elements:
Harmonic Pattern: The blue structure on the chart resembles a harmonic pattern (possibly a Bat or Gartley pattern), which traders use to predict potential price reversals.
Sell Zone: A shaded blue region labeled "SELL ZOON" indicates a resistance level where traders might look to short BTC.
Strong Position: The label "strong position" suggests a point where a significant move or confirmation occurred.
Price Projection: The arrows and "240 pips" label indicate an expected downward movement in price.
Red and Green Zones: These represent the stop-loss (red) and take-profit (green) areas for a short (sell) trade.
Entry & Target Levels:
Resistance at 85,671 (potential stop-loss for a short trade).
Support around 81,005 (potential take-profit target).
A more extended support level around 77,667.
Interpretation:
The chart suggests a bearish outlook for BTC, expecting a price drop from the sell zone after testing resistance. The trader anticipates a downward movement, targeting lower levels while managing risk with stop-loss and take-profit zones.
Here are the key elements:
Harmonic Pattern: The blue structure on the chart resembles a harmonic pattern (possibly a Bat or Gartley pattern), which traders use to predict potential price reversals.
Sell Zone: A shaded blue region labeled "SELL ZOON" indicates a resistance level where traders might look to short BTC.
Strong Position: The label "strong position" suggests a point where a significant move or confirmation occurred.
Price Projection: The arrows and "240 pips" label indicate an expected downward movement in price.
Red and Green Zones: These represent the stop-loss (red) and take-profit (green) areas for a short (sell) trade.
Entry & Target Levels:
Resistance at 85,671 (potential stop-loss for a short trade).
Support around 81,005 (potential take-profit target).
A more extended support level around 77,667.
Interpretation:
The chart suggests a bearish outlook for BTC, expecting a price drop from the sell zone after testing resistance. The trader anticipates a downward movement, targeting lower levels while managing risk with stop-loss and take-profit zones.
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.