This chart presents a bearish setup for Bitcoin (BTC/USDT) on the 4-hour timeframe, shared by "Alpha_Gold_Trader." Here's the key breakdown:
---
Chart Breakdown
Current Price: Around $105,857
Resistance Zone (Register Point Level): ~$109,000 to ~$111,500
Support Zone (Breakout Level): ~$106,500 to ~$107,500 (pink box)
Bias: Bearish (implied by breakdown and downward projection)
Price Target: Around $95,000, labeled as "TARGET SUCCESSFUL"
---
Technical Implication
Price has broken below the support zone marked in pink.
A retest of broken support is anticipated before continuation down (common in breakout setups).
The setup suggests a short trade if price fails to reclaim the broken support and confirms rejection.
---
Trading Strategy Outline
Entry: Near $107,000 (on failed retest)
Stop Loss: Above $108,500 (back in the previous range)
Take Profit: ~$95,000 (target zone)
---
Chart Breakdown
Current Price: Around $105,857
Resistance Zone (Register Point Level): ~$109,000 to ~$111,500
Support Zone (Breakout Level): ~$106,500 to ~$107,500 (pink box)
Bias: Bearish (implied by breakdown and downward projection)
Price Target: Around $95,000, labeled as "TARGET SUCCESSFUL"
---
Technical Implication
Price has broken below the support zone marked in pink.
A retest of broken support is anticipated before continuation down (common in breakout setups).
The setup suggests a short trade if price fails to reclaim the broken support and confirms rejection.
---
Trading Strategy Outline
Entry: Near $107,000 (on failed retest)
Stop Loss: Above $108,500 (back in the previous range)
Take Profit: ~$95,000 (target zone)
Trade active
TARGET HIT 710PIPS
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.