BITCOIN Short PositionHere’s a detailed analysis based on the BTCUSD 30-minute chart:
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### **Key Observations**
1. **Resistance Zone (Blue Area: $102,400 - $102,700)**
- **Description**: The price reached this key resistance zone twice, marked with yellow circles, indicating strong selling pressure.
- **First Rejection**: Price reached the resistance but failed to break above, causing a sharp drop.
- **Second Rejection**: A similar behavior was observed, as shown with red arrows, confirming this area as a strong supply zone.
2. **Support Zone (Green Area: $98,950 - $99,350)**
- **Description**: The price found support within this range after a sharp decline. It tested this area multiple times, marked by the yellow circle and green box, confirming it as a demand zone.
- Buyers entered the market, pushing the price upwards.
3. **Bearish Setup**
- **Critical Level (Black Line ~ $101,025)**: This level acts as a minor support. A note is written near this area:
> *"When break this line by 1 bearish candle close below it, look for short position."*
- **Short Position Signal**: If the price closes below this level with a bearish candle, it would signal a potential drop targeting the **green demand zone** or even lower.
4. **Risk/Reward Analysis**
- **Stop Loss**: Placed above the resistance zone (~$102,700) in red. This protects the short position in case of a reversal.
- **Take Profit**: The green demand zone (~$99,350) or potentially lower (~$96,200 red support area), depending on price movement.
5. **Trend Line (Bottom Support)**
- A trendline emerges from lower lows, showing the market's bullish structure in the bigger picture. If the price breaks the critical $101,025 level, the short trade will aim for this trendline.
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### **Trading Plan**
1. **Short Entry**: Enter a short position when a bearish candle closes below $101,025.
2. **Target Levels**:
- First target: $99,350 (green support).
- Second target: $98,950 - $96,200 (extended).
3. **Stop Loss**: Above $102,700 (key resistance).
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### **Conclusion**
This chart highlights a **potential short opportunity** if BTCUSD breaks the minor support level at $101,025. The resistance zone at $102,700 has been tested twice, confirming strong selling interest. However, if this level holds, a break of $101,025 will likely trigger a bearish move targeting the next major demand zone. Traders should monitor for a **bearish candle closure** to confirm entry.
