$BTC/USDT Trade Plan (1-Hour Chart Analysis) ๐
Based on the 1-hour chart, Bitcoin is currently trading around $96,357. The price has recently pulled back from a high near $97,900 and is hovering around the 15-period (yellow) and 20-period (blue) moving averages, suggesting a potential area of consolidation.
Potential Trade Signal:
โ Entry Zone: Consider a buy entry if the price shows strong rejection of the moving averages in the $96,200 - $96,400 range. This would indicate potential support.
โ Stop Loss: Set a stop loss below the recent low, around $95,800, to protect against further downside.
๐ฏ Profit Targets:
Target 1: $97,000 ๐ (Previous minor high)
Target 2: $97,900 ๐ฏ (Recent high)
Target 3: $98,500 ๐ (Potential further upside if momentum builds)
Trade here: $BTC
๐ Risk/Reward Ratio: Aim for at least a 1:1 ratio initially, with the potential to increase it by moving the stop loss to breakeven after the first target is reached.
๐ Strategy: Monitor price action closely around the moving averages for confirmation before entering. If the first target is hit, consider moving the stop loss to your entry price to secure profits.
Important Note: This is a potential trade signal based on a single timeframe analysis and should be considered alongside your own research and risk management strategy. Trade responsibly! ๐๐ฐ