Key Observations:
Current Price Action:
BTC is currently trading around 95,361 USDT.
The chart shows consolidation near this price level with some choppiness and small fluctuations.
Bearish Setup:
A potential short setup is illustrated with a projected downward movement (blue arrow).
Target Price (TP) is marked around 93,500, suggesting a bearish outlook in the short term.
Resistance Zone:
The red shaded area near the 95,600 mark indicates a strong resistance zone, which has been tested multiple times without a breakout.
A double top pattern seems to be forming around that resistance, signaling a possible reversal.
Support Zones:
93,500: Immediate support and take-profit zone for the short trade.
92,743 and 91,749: Deeper support levels marked on the chart, possibly longer-term or secondary targets if price breaks below 93,500.
Market Structure:
Price appears to be forming lower highs, a bearish sign.
The outlined path with descending zigzag lines confirms a bearish bias in structure.
Conclusion:
The chart indicates a short bias for BTC/USDT with:
Resistance: 95,600 area
Target: 93,500 in the short term, possibly extending to 92,743 or lower if bearish momentum continues.
Validation: This scenario is likely if BTC fails to break above 95,600 and continues to form lower highs.
Would you like a risk-to-reward analysis or suggested stop-loss placement for this trade?
Current Price Action:
BTC is currently trading around 95,361 USDT.
The chart shows consolidation near this price level with some choppiness and small fluctuations.
Bearish Setup:
A potential short setup is illustrated with a projected downward movement (blue arrow).
Target Price (TP) is marked around 93,500, suggesting a bearish outlook in the short term.
Resistance Zone:
The red shaded area near the 95,600 mark indicates a strong resistance zone, which has been tested multiple times without a breakout.
A double top pattern seems to be forming around that resistance, signaling a possible reversal.
Support Zones:
93,500: Immediate support and take-profit zone for the short trade.
92,743 and 91,749: Deeper support levels marked on the chart, possibly longer-term or secondary targets if price breaks below 93,500.
Market Structure:
Price appears to be forming lower highs, a bearish sign.
The outlined path with descending zigzag lines confirms a bearish bias in structure.
Conclusion:
The chart indicates a short bias for BTC/USDT with:
Resistance: 95,600 area
Target: 93,500 in the short term, possibly extending to 92,743 or lower if bearish momentum continues.
Validation: This scenario is likely if BTC fails to break above 95,600 and continues to form lower highs.
Would you like a risk-to-reward analysis or suggested stop-loss placement for this trade?
Trade active
Wow 40ppis hit use break even Trade closed: target reached
Wow 180 pips done Note
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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.
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
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.