This 4-hour chart of BTC/USD is representative of a bullish trading situation. Below is a breakdown of the chart and strategy
Price Action & Chart Pattern
Ascending Channel: Price is in an upward-sloping channel, showing bullish strength.
Several Tests of Resistance: Price has tested a few times the resistance level of 109,000–110,000 USD, showing strength and potential breakout.
Support Zone: Price has just bounced off a major support zone of 107,000–107,300 USD, upholding the bullish setup.
Trade Plan Breakdown
Entry Zone
Entry Price: ~109,000 USD
This is below resistance, looking for the breakout to continue.
Stop Loss
SL Level: 107,343 USD
Take Profit Targets
Target 1: Around 110,800 USD
Slightly above the present resistance.
Target 2: About 112,115 USD
Touches the "re-test again top high zone" and top of last major resistance.
✅ Bullish Confluences
Super trend (green line) confirms the upward bias.
Higher lows established, demonstrating bullish configuration.
Breakout capability from multiple resistance contacts.
Bias: Bullish
Trade Idea: Long on retest/breakout of resistance area
Risk-Reward: Good with stop loss below structure and targets at prior highs
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