The chart you've shared is a technical analysis of Bitcoin (BTC/USD) on a 2-hour timeframe. Here's a breakdown of the key elements and potential trade idea illustrated:
Key Observations:
1. Resistance Zone (Gray Box):
Price recently tested a resistance area around the $110,000–$111,000 range.
This zone has previously acted as a strong supply area.
2. Rising Trendline (Black Line):
A clear ascending trendline has been supporting the price since around June 6.
Price appears to have broken below this trendline, suggesting a potential shift in momentum.
3. Support Levels:
First Support: ~$106,935.29
Second Support / Target: ~$105,052.65
These are the likely take-profit zones for a short trade.
4. Take Profit Labels:
There are two “TAKE PROFIT” labels:
One near the breakout region (~$106,935)
Another at the deeper support level (~$105,052)
5. Bearish Projection (Orange Arrow):
Suggests a potential downward move after the trendline break.
Indicates a retest and rejection of the broken trendline (classic breakdown confirmation).
6. Current Price:
Around $110,034.79 at the time of the screenshot.
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Interpretation (Trade Setup):
If shorting:
Entry: After confirmed break and retest of the trendline or on a break below $109,000 (red line).
Targets: $106,935 (partial TP), $105,052 (main TP).
Stop-Loss: Likely above $110,500–$111,000 (resistance zone).
Risk Note: This setup assumes a trendline break and bearish follow-through. If the price reclaims the trendline or breaks above $111,000, it invalidates the setup.
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Let me know if you want help formulating a trading plan or backtesting this setup.
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