BTCUSD on the daily timeframe is showing a possible reversal structure after a sharp downside move. Price is currently trying to hold near the lower demand/support zone, and the latest candle suggests that buyers may be attempting to build a base.
As per the current chart structure, the key levels are:
Current Price Zone: Around 62,400
Immediate Support: 60,300 – 57,700
Invalidation / Weakness Below: 56,800
First Resistance / Supply Zone: 70,300 – 73,000
1st Target: 77,880
2nd Target: 80,416
My view is that if BTC continues to hold above the 60,300–57,700 support zone and gives a strong breakout above 70,300, then upside momentum may continue toward the 73,000 supply zone. Above that, the next possible upside targets are 77,880 and 80,416.
However, if BTC gives a daily close below 57,700, the bullish reversal setup may become weak, and further downside pressure can continue.
The best approach is to wait for confirmation either through a strong bullish candle from the current demand zone or a clean breakout above the 70,300 level.
Disclaimer:
This idea is for educational purposes only. I am not a SEBI registered advisor. Please do your own analysis before taking any trade.
As per the current chart structure, the key levels are:
Current Price Zone: Around 62,400
Immediate Support: 60,300 – 57,700
Invalidation / Weakness Below: 56,800
First Resistance / Supply Zone: 70,300 – 73,000
1st Target: 77,880
2nd Target: 80,416
My view is that if BTC continues to hold above the 60,300–57,700 support zone and gives a strong breakout above 70,300, then upside momentum may continue toward the 73,000 supply zone. Above that, the next possible upside targets are 77,880 and 80,416.
However, if BTC gives a daily close below 57,700, the bullish reversal setup may become weak, and further downside pressure can continue.
The best approach is to wait for confirmation either through a strong bullish candle from the current demand zone or a clean breakout above the 70,300 level.
Disclaimer:
This idea is for educational purposes only. I am not a SEBI registered advisor. Please do your own analysis before taking any trade.
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.