Key Observations:
Bearish Flag Formation:
The chart mentions a "Bearish Flag," which is a continuation pattern suggesting a potential downward movement.
The price initially moved up (flagpole) but started consolidating before breaking downward.
Break of Trendline Support:
A clear upward trendline is visible, which has been broken to the downside, indicating a shift in momentum.
The breakdown happened after a series of lower highs, confirming selling pressure.
Short Trade Setup:
A short trade (sell position) is illustrated with a red stop-loss area above the entry and a green take-profit area below.
The risk-to-reward ratio seems favorable, with a target around 82,390 USDT.
Price Action & Direction:
The red arrow emphasizes further downward movement toward the support levels.
The next major support zone is around 82,800 - 82,390 USDT.
Conclusion:
The chart suggests a bearish outlook for Bitcoin in the short term.
The break of the trendline and bearish flag formation indicate further downside potential.
If Bitcoin fails to hold the immediate support level, it could move toward 82,390 USDT or lower.
Bearish Flag Formation:
The chart mentions a "Bearish Flag," which is a continuation pattern suggesting a potential downward movement.
The price initially moved up (flagpole) but started consolidating before breaking downward.
Break of Trendline Support:
A clear upward trendline is visible, which has been broken to the downside, indicating a shift in momentum.
The breakdown happened after a series of lower highs, confirming selling pressure.
Short Trade Setup:
A short trade (sell position) is illustrated with a red stop-loss area above the entry and a green take-profit area below.
The risk-to-reward ratio seems favorable, with a target around 82,390 USDT.
Price Action & Direction:
The red arrow emphasizes further downward movement toward the support levels.
The next major support zone is around 82,800 - 82,390 USDT.
Conclusion:
The chart suggests a bearish outlook for Bitcoin in the short term.
The break of the trendline and bearish flag formation indicate further downside potential.
If Bitcoin fails to hold the immediate support level, it could move toward 82,390 USDT or lower.
Trade active
btc sell now Entry 83800
sl 84200
tp open
Note
Update sl at 84500Trade closed: target reached
Boom boom All Tp done 🚀🚀Target reached at 82300$ 💸💸
1000+pips booked successfully 🤑
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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.
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.