This chart shows a technical analysis for BTC/USD (Bitcoin to US Dollar) on the 2-hour time frame. Here's a breakdown of the analysis.
🔍 Key Chart Elements
Support Area (Orange Zone):
The price has tested this zone multiple times and bounced, indicating strong demand. It's marked between ~102,000 and ~103,000 USD.
Resistance Line (~108,366 USD):
A key level that BTC needs to break above to confirm bullish momentum.
Target Zone (~113,378 USD):
A projected bullish target if price breaks resistance and continues upward.
Two Scenarios Outlined:
1. Bullish Scenario (Black Zigzag Upward Path):
If BTC holds above the support and breaks the resistance, it is projected to continue rising toward the 113,378 level.
2. Bearish Scenario (Black Zigzag Downward Path):
If BTC fails to hold above the support area and breaks below it, a steep decline is anticipated—potentially toward or below 98,000.
Blue Arrow:
Shows potential minor pullback or retest of support before either the bullish breakout or bearish breakdown.
🧠 Interpretation
This chart suggests that BTC is at a critical decision point. A move above 108,366 would confirm bullish momentum, targeting 113,378. A break below the support zone would likely lead to a bearish trend continuation.
🧭 Trading Implications
Buy Bias: Above 106,000 with confirmation of momentum; target near 113,000.
Sell Bias: On breakdown below 102,000; potential target below 98,000.
Risk Management: Crucial to use stop-losses just below support for long trades, and just above resistance for shorts.
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