SMC Trading point update
Technical analysis of Bitcoin (BTCUSDT), highlighting key levels and potential price movements based on trend channels, support/resistance, and RSI. Here's the breakdown:
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Key Elements in the Analysis:
1. Trend Channel:
BTC is trading within an ascending channel, indicating an ongoing bullish trend.
The recent price action hit the upper boundary (resistance) of the channel, suggesting potential for a pullback.
2. Resistance Zone:
105,586.06 is marked as a resistance level, where price faced rejection.
Strong reaction here suggests sellers are defending this area.
3. Support Zone:
A new support level is established around 98,000.
This zone aligns with the lower boundary of the ascending channel and previous breakout structure.
4. Target Point (Bearish Projection):
The chart projects a potential drop to the 97,367.51 level, representing a ~7.4% correction.
This move mirrors the prior leg up, applying a measured move concept.
5. RSI Indicator:
RSI is around 66–71, indicating overbought conditions.
A bearish divergence or trendline break on RSI suggests weakening momentum.
Mr SMC Trading point
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Summary of Trading Idea:
Bias: Short-term Bearish (correction within an overall bullish trend)
Expected Move: Potential dip toward 97,367.51 support
Confirmation: Rejection at resistance, RSI divergence, and trendline break
Invalidation: A strong breakout above 105,586.06 would nullify the correction setup and favor continued bullish movement
pelas support boost 🚀 analysis follow)
Technical analysis of Bitcoin (BTCUSDT), highlighting key levels and potential price movements based on trend channels, support/resistance, and RSI. Here's the breakdown:
---
Key Elements in the Analysis:
1. Trend Channel:
BTC is trading within an ascending channel, indicating an ongoing bullish trend.
The recent price action hit the upper boundary (resistance) of the channel, suggesting potential for a pullback.
2. Resistance Zone:
105,586.06 is marked as a resistance level, where price faced rejection.
Strong reaction here suggests sellers are defending this area.
3. Support Zone:
A new support level is established around 98,000.
This zone aligns with the lower boundary of the ascending channel and previous breakout structure.
4. Target Point (Bearish Projection):
The chart projects a potential drop to the 97,367.51 level, representing a ~7.4% correction.
This move mirrors the prior leg up, applying a measured move concept.
5. RSI Indicator:
RSI is around 66–71, indicating overbought conditions.
A bearish divergence or trendline break on RSI suggests weakening momentum.
Mr SMC Trading point
---
Summary of Trading Idea:
Bias: Short-term Bearish (correction within an overall bullish trend)
Expected Move: Potential dip toward 97,367.51 support
Confirmation: Rejection at resistance, RSI divergence, and trendline break
Invalidation: A strong breakout above 105,586.06 would nullify the correction setup and favor continued bullish movement
pelas support boost 🚀 analysis follow)
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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.
(Services:✔️ JOIN Telegram channel
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
#Gold trading ★Analysis★ 📊
Gold trading signals 🚀 99%
t.me/SmcTradingPoin
Join my recommended broker , link 👇
World best broker exness ✅D
one.exnesstrack.org/a/l1t1rf3p6v
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.