Recommendation to sell BTC (2nd time) with the expectation that price will pull back to:
TP1: 83,500
TP2: 82,000
Some key highlights from the chart:
EMA 33 and EMA 38 are acting as support around the 81,200 and 79,245 levels.
There is a strong resistance zone around 85,000 - 85,700, where price has been rejected multiple times.
A clear accumulation zone exists between 82,000 – 83,000, suggesting that if broken, price could drop further.
A long-term descending trendline intersects the current price area → this is a very noteworthy resistance level.
If you are recommending a short position around 84,900, with a stop loss above 85,700 and targets at TP1: 83,500 and TP2: 82,000, the risk/reward ratio looks quite solid, especially if the price fails to break above the strong resistance zone.
✅ Trade Idea Summary:
Position: Short
Entry zone: ~84,900
TP1: 83,500
TP2: 82,000
Stop Loss: Above 85,700
TP1: 83,500
TP2: 82,000
Some key highlights from the chart:
EMA 33 and EMA 38 are acting as support around the 81,200 and 79,245 levels.
There is a strong resistance zone around 85,000 - 85,700, where price has been rejected multiple times.
A clear accumulation zone exists between 82,000 – 83,000, suggesting that if broken, price could drop further.
A long-term descending trendline intersects the current price area → this is a very noteworthy resistance level.
If you are recommending a short position around 84,900, with a stop loss above 85,700 and targets at TP1: 83,500 and TP2: 82,000, the risk/reward ratio looks quite solid, especially if the price fails to break above the strong resistance zone.
✅ Trade Idea Summary:
Position: Short
Entry zone: ~84,900
TP1: 83,500
TP2: 82,000
Stop Loss: Above 85,700
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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.
Related publications
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.