Trade Analysis for $BTCUSD
1. Falling Wedge Breakout
The price of
$BTC was trading within a descending channel (the blue diagonal lines). We have seen a successful bullish breakout above the upper resistance line, which suggests that the previous downward pressure is fading on the 1H timeframe.
2. Entry Activation (The Retest)
Your entry was activated because the price returned to test the upper boundary of the broken channel and showed a "bounce."
• Entry Zone: Currently around $68275.
• The Projection: The zigzag line in the grey box shows a predicted move toward the next major horizontal resistance.
3. Key Levels to Watch
• Stop Loss (SL): Placed around $65526. It is vital for $BTCUSD to stay above this level to keep the bullish structure intact.
• Psychological Resistance: Keep an eye on $70000. This is a major round number where traders often take quick profits.
• Main Target (TP): Your target is the black horizontal line at $72340.
• Major Supply Zone: If the momentum continues, the next big hurdle is the grey box between $74000 and $78000.
Strategy Note
Since
$BTC is showing strength, you might consider moving your stop loss to your entry price once it clears the $70500 mark to ensure a "risk-free" trade.
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