#BitcoinBounceBack . Pattern & Setup
The chart shows a bullish reversal pattern, likely an inverse head and shoulders or a bullish triangle breakout.
The price has broken out of the triangle formation, indicating a potential continuation of the uptrend.
2. Trading Plan
Entry Long: Marked at around 83,710 USDT.
Stop Loss: Placed around 83,256 USDT to manage risk.
Targets:
1st Target: ~84,500 USDT
2nd Target: ~85,500 USDT
3rd Target: ~86,798 USDT
Final Target: ~87,000 USDT
3. Indicators & Confirmation
The chart includes a Parabolic SAR (small red & green dots), which suggests an upward trend after the breakout.
Volume Analysis: A visible increase in volume during the breakout supports bullish momentum.
Risk-to-Reward Ratio: The green zone (target levels) is significantly larger than the red zone (stop loss), indicating a favorable risk-reward trade.
4. Conclusion
The setup suggests a bullish outlook with a well-defined entry, stop loss, and take-profit levels.
If the price holds above the entry level and breaks resistance, the next targets could be achieved.
If BTC drops below the stop loss, the trade would be invalidated, signaling a potential downtrend or retest of lower support.
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