#BTC Based on the analysis of the 2-hour time frame for Bitcoin (BTC), it appears to be forming a descending channel pattern. This pattern typically signifies a bearish trend in the market. Furthermore, recent price action suggests that BTC has broken below the resistance line of this descending channel, indicating further downside potential.
Given this analysis, a trading plan could be formulated as follows:
Entry Price: $70,967.49
1st Take Profit (TP): $69,550.98
2nd Take Profit (TP): $68,600.40
Stop Loss (SL): $72,006.79
This plan involves entering a short position at the specified entry price, with the expectation of the price continuing to decline. The take profit levels are set at strategic points where potential support levels or profit-taking opportunities may arise. The stop loss is placed above the breakout resistance line to mitigate potential losses in case the market moves against the trade.
