This chart showcases an ongoing symmetrical triangle pattern on the 30-minute BTC/USDT timeframe, indicating potential volatility ahead. Here’s a breakdown of the key insights:
Structure & Pattern:
BTC price is consolidating within a symmetrical triangle.
The pattern reflects a balance between bullish and bearish momentum, signaling a potential breakout soon.
Key Levels:
Resistance Zone: Around $105,000 (yellow marked area at the upper boundary of the triangle).
Support Zone: Trendline around $101,500 (blue lower boundary).
Potential Trade Setup:
Entry Point: A retest and rejection from the lower support zone, followed by confirmation, presents an ideal entry around $102,000.
Profit Targets:
50% Exit: $103,500 (initial short-term target upon breakout).
100% Exit: $105,000 (upper resistance zone or breakout confirmation).
Risk Management:
Set a stop-loss below $101,000 (below the current support level).
Indicators:
RSI indicates oversold conditions, showing potential for a reversal.
Volume divergence at the current lows suggests weakening bearish momentum.
ADX indicates a trend buildup, reinforcing the likelihood of a breakout.
Structure & Pattern:
BTC price is consolidating within a symmetrical triangle.
The pattern reflects a balance between bullish and bearish momentum, signaling a potential breakout soon.
Key Levels:
Resistance Zone: Around $105,000 (yellow marked area at the upper boundary of the triangle).
Support Zone: Trendline around $101,500 (blue lower boundary).
Potential Trade Setup:
Entry Point: A retest and rejection from the lower support zone, followed by confirmation, presents an ideal entry around $102,000.
Profit Targets:
50% Exit: $103,500 (initial short-term target upon breakout).
100% Exit: $105,000 (upper resistance zone or breakout confirmation).
Risk Management:
Set a stop-loss below $101,000 (below the current support level).
Indicators:
RSI indicates oversold conditions, showing potential for a reversal.
Volume divergence at the current lows suggests weakening bearish momentum.
ADX indicates a trend buildup, reinforcing the likelihood of a breakout.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.
A Haque
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
Founder | MyTradingJournal
📊 Financial Market Analyst | Trader | Educator
🐦 Twitter: @MyTradingJnl6th
📺 YouTube: @MyTradingJournal6th
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.