Based on the analysis of Bitcoin's 2-hour time frame, it appears to be forming a descending channel pattern, typically indicating a bearish trend. Recent price action suggests a break below the resistance line of this pattern, signaling potential further downside.
Here's a trading plan based on this analysis:
Entry: Short position at $70,967.49
Take Profits:
1. $70,967.49
2. $69,693.98
3. $68,625.40
Stop Loss: $72,006.79
This plan involves entering a short position at the specified entry price, anticipating continued price decline. Take profit levels are strategically set at potential support points or profit-taking opportunities. The stop loss is positioned above the breakout resistance line to manage potential losses if the market moves against the trade.
