Hi traders! Currently analyzing BTCUSD on the 1H timeframe.
Price is reacting to the upper boundary of a descending channel, where sellers are showing strong pressure. This area has previously acted as a significant resistance, pushing price lower multiple times.
I'm now selling from 108,075.19, expecting a bearish move towards my target at the bottom of the channel.
Take Profit: 104,493.63
Stop Loss: 111,891.49
RSI is showing signs of bearish divergence near the resistance area, adding confluence to this setup.
Price may have performed a liquidity grab above the trendline before rejecting the area, which aligns with the current market structure.
I'm actively managing this trade, keeping an eye on how price behaves around this key level.
Disclaimer: This is not financial advice. This is my personal analysis shared for educational purposes only.
Price is reacting to the upper boundary of a descending channel, where sellers are showing strong pressure. This area has previously acted as a significant resistance, pushing price lower multiple times.
I'm now selling from 108,075.19, expecting a bearish move towards my target at the bottom of the channel.
Take Profit: 104,493.63
Stop Loss: 111,891.49
RSI is showing signs of bearish divergence near the resistance area, adding confluence to this setup.
Price may have performed a liquidity grab above the trendline before rejecting the area, which aligns with the current market structure.
I'm actively managing this trade, keeping an eye on how price behaves around this key level.
Disclaimer: This is not financial advice. This is my personal analysis shared for educational purposes only.
Trade closed: target reached
Securing profits
🔥 Top indicators I personally use 👇
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔥 Top indicators I personally use 👇
tinyurl.com/3dh9em7m
tinyurl.com/3dh9em7m
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.