BITCOIN Long Position This chart analysis focuses on the BTCUSD pair on a 15-minute timeframe. Below is a detailed breakdown of the key elements:
### **Key Observations**:
1. **Trendline and Pattern**:
- There is a clearly drawn ascending trendline (black) that shows an upward bias in the market's overall structure.
- The price has been respecting this trendline, indicating strong buying pressure at the lower levels.
2. **Resistance Level (108,276)**:
- A horizontal blue resistance line at 108,276 marks an important level. A breakout above this resistance with a **green candle closing above** is a key signal for entering a long position.
- Historically, this level has acted as a significant barrier, rejecting price movement multiple times (seen with price failing near this level).
3. **Support Zones**:
- The green and red shaded regions between approximately **99,358–96,122** act as demand zones. These areas have historically attracted buying interest, with clear evidence of price bouncing from these levels.
4. **Trade Setup**:
- A **long position is planned** if the price breaks above the resistance (108,276) with confirmation from a candle closure.
- The potential trade includes a favorable **risk-to-reward ratio** indicated by the green (profit zone) and red (stop-loss zone) regions.
### **Technical Indicators**:
- **Double Bottom Formation (Bullish Reversal)**:
- Two circled regions (around 96,000) suggest a double bottom, signaling potential upward momentum. This strengthens the bullish bias.
- **Historical Resistance Retests**:
- Price has tested the horizontal resistance multiple times, indicating its strength. A breakout will likely lead to a significant move higher.
### **Risk Management**:
- **Stop Loss**:
- Positioned below the recent swing lows near **96,832** to protect against invalidation of the bullish setup.
- **Take Profit**:
- Potential targets are identified using Fibonacci levels or prior resistance zones, with the first target at **109,208**, aligning with the higher trendline.
### **Final Notes**:
- The setup relies heavily on price action. Ensure confirmation of the breakout with strong volume before entering the trade.
- Monitor BTCUSD fundamentals or macroeconomic events that may influence volatility during this period.
this is not trading advice .. trading is risky
