This chart is a technical analysis of Bitcoin (BTC/USD) on a 2-hour timeframe, showing a possible bullish scenario. Here's a breakdown of what the chart indicates:
Key Price Levels:
Current Price: Around $105,494
Stop Loss: Marked near the $103,000–$104,000 range (highlighted red zone)
Take Profit Target: $112,231.19
Key Resistance Before TP: $108,986.15
Major Support Level: $100,780.62
Pattern:
The black lines trace a potential W (double bottom) or inverse head and shoulders formation—both bullish reversal patterns.
A breakout above the neckline (around $106,000) would confirm the pattern.
If the price holds above support and breaks past $108,986.15, the bullish move toward $112,231.19 becomes more likely.
Trading Strategy Highlighted:
Entry: Around current levels or on confirmation above the neckline.
Stop Loss: Just below recent lows in the red box.
Take Profit: Near $112,231.19, as the final target.
Risk Management:
Favorable risk-reward ratio if entering near current levels.
The SL/TP zones are clearly defined.
Let me know if you'd like help calculating the exact risk/reward ratio or if you want a version of this for another timeframe or asset.