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In My Overview Of BTC/USD (Bitcoin to US Dollar) price movement on a 4-hour time frame . It incorporates a technical analysis focusing on trendlines, resistance/support levels, and potential trading opportunities. Here's the breakdown:
Key Features:
1. Resistance Zone:
The green highlighted area represents a strong resistance zone around $106,000.
Price has tested this zone multiple times, as seen at point (1), (5), and (7), indicating seller dominance.
2. Support Zone:
The red highlighted area around $95,991 serves as a key support level.
Price has repeatedly rebounded near this zone at points (2), (4), and (6).
3. Previous Support (Now Resistance):
The orange line shows a previous support level near $103,000, which has now turned into resistance.
4. Trend Reversal:
Points (6) to (7) show a significant upward price move, breaking prior resistance, suggesting a bullish breakout attempt.
Trading Plan:
Entry Point:
A potential entry is considered above $102,500 (highlighted by the red-to-green breakout).
Take Profit (TP):
TP1: $103,500 (short-term target).
TP2: $105,500 (extended target near the resistance zone).
Stop Loss:
Set below $99,000 to minimize risk in case of a breakdown.
Chart Pattern:
The pattern indicates an attempt to break through a well-established resistance zone, signaling a bullish continuation. The breakout is contingent on sustaining momentum above the $103,000 level.
Overall Analysis:
The chart suggests a bullish bias in the short term, as indicated by the higher lows and breakout attempts. However, traders should monitor price behavior near resistance ($106,000) and be cautious of any rejections that could push the price back toward support levels.
NOTE: This Analysis For Educational Purposes Only don't Consider it trading Advice
