BTCUSDT is currently testing the upper boundary of a descending trendline, which has acted as strong resistance over multiple touches. Price is now at $106,300, a key area aligned with previous rejections and now forming a potential lower high within the structure.
This setup presents a short opportunity, with:
- A clear rejection level at the descending trendline.
- A defined Stop Loss at $108,270, just above recent swing highs and the upper trendline.
- A Take Profit target at $100,559, a level near the bottom channel and prior support.
Trade Parameters:
- Entry: ~$106,300
- Stop Loss: $108,270
- Take Profit: $100,559
- Risk:Reward Ratio: ~1:2.91
A breakdown from this level could trigger continuation to the downside, while a close above the trendline with momentum would invalidate the setup.
Bias: Bearish Rejection from Trendline
Confirmation: Strong wick or bearish engulfing candle near the resistance zone
This setup presents a short opportunity, with:
- A clear rejection level at the descending trendline.
- A defined Stop Loss at $108,270, just above recent swing highs and the upper trendline.
- A Take Profit target at $100,559, a level near the bottom channel and prior support.
Trade Parameters:
- Entry: ~$106,300
- Stop Loss: $108,270
- Take Profit: $100,559
- Risk:Reward Ratio: ~1:2.91
A breakdown from this level could trigger continuation to the downside, while a close above the trendline with momentum would invalidate the setup.
Bias: Bearish Rejection from Trendline
Confirmation: Strong wick or bearish engulfing candle near the resistance zone
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.
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.