The chart you uploaded appears to be a Bitcoin (BTC/USD) price analysis on a 1-hour timeframe from TradingView. Here’s a breakdown:
1. Price Action: The current price is around 103,106, showing a slight decline of 0.39%.
2. Support and Resistance:
The strong resistance zone is marked around 104,010.
The support level is around 101,950.
3. Trade Setup:
The chart suggests a potential bullish move from the current level after a slight pullback.
The green arrow indicates a predicted upward movement towards the target area (104,010).
The red arrow shows a possible bearish scenario if the support breaks.
4. Stop Loss (SL): Positioned around 101,950 to minimize potential losses.
5. Target: The target price for the bullish scenario is marked at 104,010.
This setup indicates a buy signal if the price holds above the current support, aiming for the 104,010 level. If the price drops below the support, a bearish trend could follow.
Would you like further analysis or assistance with trading strategies?
