š§ Chart Overview
- Pair: BTC/USDT
- Exchange: Binance
- Timeframe: 1H (1 Hour)
- Current Price: Around $102,480
š Technical Structure
- Downtrend Line (Blue Line):
- The price has been moving within a downward channel.
- Several touches on the trendline confirm it as strong resistance.
- Price is currently testing the lower zone and attempting a rebound.
- Support & Resistance Zones (Purple Boxes):
- Strong Support: Around $101,000 ā $101,300
- Next Support: Around $99,500
- Resistance Levels:
- Near $103,600 ā $103,800 (first target)
- Next at $105,800 ā $106,000
- Moving Averages (Orange & Blue Lines):
- Likely 9 EMA (orange) and 21 EMA (blue).
- Currently showing bearish alignment, but price is trying to cross above the EMAs ā a possible bullish reversal signal if confirmed.
š Trade Setup on the Chart
- The green and red rectangles represent long (buy) and short (sell) trades.
- A recent long position seems to be opened at the lower purple support zone.
- Target: Upper resistance near $103,600.
- Stop Loss: Below $101,000.
- Risk-to-reward ratio looks roughly 1:2 or 1:3, which is a solid setup.
š” Possible Scenarios
Bullish Scenario:
- If BTC breaks above the descending trendline and EMAs:
- It may rally to $103,800 and then $105,800.
- Confirmation comes with a strong close above $103,600.
Bearish Scenario:
- If the price rejects from the trendline:
- Expect a drop back to $101,000 support.
- Further breakdown below $101,000 could push it toward $99,500.
ā ļø Summary
- Current bias: Neutral-to-bullish (early signs of reversal)
- Key breakout level: $103,600
- Key support: $101,000
- Short-term plan: Wait for breakout confirmation before entering long.
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