Chart Analysis: BTC/USDT 2 Hours
General Situation
The chart shows an ascending triangle formation. This formation usually results in an upside breakout and indicates that the current trend will continue. BTC price is stuck in the $92,000-$93,000 region and has the potential for an upside breakout.
Target and Prices
1. Upward Targets:
• $94,500-95,000: Breakout zone of the ascending triangle.
• $100,000: Main target. Strong psychological and technical resistance.
2. Downstream Targets:
• $90,000: First support level.
• $88,000: Major support level.
Support and Resistance Levels
1. Support Levels:
• $92,000: The lower line of the ascending triangle. A break of this level could increase selling pressure.
• $88,000: Strong horizontal support level.
2. Resistance Levels:
• $93,500-94,000: The upper band of the triangle, the breakout zone.
• $100,000: Main target and resistance.
Indicators
1. Volume:
• Increased volume may support an upward breakout.
• Low volume breakouts may indicate fake moves.
2. Momentum Indicators:
• The RSI (Relative Strength Index) may be approaching the overbought region. This may signal the possibility of a short-term correction.
Formations and Formation Reversals
• Ascending Triangle Formation:
• This formation usually results in an upward break.
• However, if the support levels are broken, the formation may be invalidated and the probability of a decline increases.
Trend Direction
• Short Term Trend: The rise continues.
• Medium Term Trend: Strong uptrend.
• Long-Term Trend: The upward movement continues and the $100,000 level is targeted.
Strategy and Recommendations
1. Purchase Strategy:
• A close above $93,500 is expected.
• Purchase targets: $95,000 and $100,000.
• Stop-loss: Closing below $92,000.
2. Selling and Taking Profit:
• Profit can be taken at levels of $ 95,000 and $ 100,000.
3. Risk Management:
• Positions can be closed at closes below $92,000.
• The risk/reward ratio should be planned as at least 1:2.
Conclusion
BTC appears to be preparing for an upward breakout of the ascending triangle formation. If it does, it could target $95,000 and $100,000. However, if the support levels are broken, the possibility of a downward move should be taken into account. Be prepared for high volatility.
