On the 15-minute timeframe, Bitcoin has undergone an uptrend from around $102,400 to a high of nearly $104,000. During this period, there was a slight correction but did not break the bullish structure, confirming that buying power remained strong. After that, the price formed a descending triangle pattern with the upper edge being the downtrend line and the lower edge being the support zone around $103,600.
If the price breaks the upper edge ($104,000) with high volume, there is a possibility that the price will break out to $104,800 or higher. If the support zone of $103,600 is broken, the price may retest $103,200 like the previous triangle pattern.
Bitcoin is at a sensitive threshold for the descending triangle pattern. Closely monitor the breakout to avoid missing out on trading opportunities!
TRADING STRATEGY:
- Buy when price breaks $104,000 with a strong bullish candle, take short profit at $104,400, stop loss below $103,800.
- If price drops below $103,600, enter short order, take profit at $103,200, stop loss above $104,000.
If the price breaks the upper edge ($104,000) with high volume, there is a possibility that the price will break out to $104,800 or higher. If the support zone of $103,600 is broken, the price may retest $103,200 like the previous triangle pattern.
Bitcoin is at a sensitive threshold for the descending triangle pattern. Closely monitor the breakout to avoid missing out on trading opportunities!
TRADING STRATEGY:
- Buy when price breaks $104,000 with a strong bullish candle, take short profit at $104,400, stop loss below $103,800.
- If price drops below $103,600, enter short order, take profit at $103,200, stop loss above $104,000.
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️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
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.