NEW UPDATE OF BTCUSD 4H
In-Depth Analysis of the Bitcoin (BTC/USD) Chart
This 4-hour Bitcoin chart from TradingView includes various technical indicators, patterns, and potential price movements. Let’s analyze it in detail:
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1. Chart Overview & Indicators
Trading Pair: Bitcoin (BTC) / U.S. Dollar (USD)
Timeframe: 4-hour chart
Exchange Data Source: OANDA
Price at the Time of Chart: $98,274.2
Price Change: +1,279.8 (+1.32%)
Technical Indicator Used: Supertrend (10,3)
Red Supertrend (Above Price) → Bearish Signal (Down Trend at ~$98,274.2)
Green Supertrend (Below Price) → Bullish Signal (~$95,000 as potential support)
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2. Key Price Levels
Support Area: $90,000 - $95,000
This is highlighted as a blue zone.
BTC has bounced from this area previously, making it a strong demand zone.
Resistance Area: $105,000 - $110,000
Marked with a yellow box.
BTC faced multiple rejections in this area before dropping.
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3. Technical Patterns Observed
A. Descending Triangle Formation (Red Trendline)
The price is forming a descending triangle, characterized by lower highs and a flat support level.
This is often a bearish pattern, but a breakout can occur in either direction.
Breakout Scenarios:
Bullish Breakout: If BTC breaks the upper trendline resistance, it may surge toward $105,000 or higher.
Bearish Breakout: If BTC falls below the triangle, it could drop toward the support zone (~$90,000 - $95,000).
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4. Breakout Projection & Trading Strategy
A. Breakout Arrows (Black, Blue, Green)
Blue Arrow: Indicates a possible breakout above the descending trendline.
Black Arrow: Suggests a move toward $105,000 resistance if the breakout is confirmed.
Green Arrow: If BTC surpasses $105,000, it may continue rallying higher, possibly toward $110,000+.
B. Bullish Trading Strategy
Entry: Buy when BTC breaks above the descending triangle (~$99,000 - $100,000).
Target: $105,000 - $110,000 (resistance zone).
Stop Loss: Below $95,000 (support zone).
C. Bearish Trading Strategy
Entry: Sell if BTC fails to break out and falls below $95,000.
Target: $90,000 or lower.
Stop Loss: Above $98,000 (previous resistance).
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5. Supertrend Indicator Analysis
Currently Bearish: The Supertrend indicator is red, meaning BTC is in a downtrend.
Bullish Reversal Possible: If BTC moves above $100,000, the Supertrend might turn green, signaling an uptrend.
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6. Summary & Market Sentiment
BTC is currently in a short-term downtrend but approaching key support.
A breakout above $100,000 could trigger a strong bullish rally toward $105,000 - $110,000.
Failure to hold above $95,000 may lead to further downside toward $90,000.
Traders should watch for confirmation of a breakout before entering positions.
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