Market Overview
Bitcoin is currently trading near $80,452 on the 1-hour timeframe. After a recent correction toward the support zone, the price appears to be stabilizing, setting the stage for a potential relief rally within a defined range.
Technical Analysis
Support Zone: The price has found buyers in the $79,200 - $79,600 area (lower red box). This zone is critical for maintaining the current structure.
Resistance Zone: A heavy supply area is visible between $82,400 and $83,700 (upper red box). This is where previous selling pressure originated.
Price Projection: As indicated by the blue path on the chart, the price is expected to bounce toward the $82,400 resistance level. However, multiple rejections at this level could lead to a volatile "sideways" movement before a potential deeper correction back toward the $79,500 support.
Trade Setup (Range Play)
Long Entry (Bounce): Near current levels ($80,000 - $80,500) targeting the upper resistance.
Short Entry (Rejection): Look for sell signals if the price reaches the $82,500 - $82,800 zone and fails to break out.
Stop Loss (SL):
For Longs: Below $79,000.
For Shorts: Above $83,800.
Take Profit (TP):
Primary Target: $82,400.
Secondary Target: $80,800 (Mid-range).
⚠️ Disclaimer: Trading Bitcoin involves high risk due to volatility. This analysis is for educational purposes only. Always use proper risk management and your own strategy before entering a trade.
What is your take on BTC's next move? Let me know in the comments! If you find this analysis useful, please leave a Like (👍).
Bitcoin is currently trading near $80,452 on the 1-hour timeframe. After a recent correction toward the support zone, the price appears to be stabilizing, setting the stage for a potential relief rally within a defined range.
Technical Analysis
Support Zone: The price has found buyers in the $79,200 - $79,600 area (lower red box). This zone is critical for maintaining the current structure.
Resistance Zone: A heavy supply area is visible between $82,400 and $83,700 (upper red box). This is where previous selling pressure originated.
Price Projection: As indicated by the blue path on the chart, the price is expected to bounce toward the $82,400 resistance level. However, multiple rejections at this level could lead to a volatile "sideways" movement before a potential deeper correction back toward the $79,500 support.
Trade Setup (Range Play)
Long Entry (Bounce): Near current levels ($80,000 - $80,500) targeting the upper resistance.
Short Entry (Rejection): Look for sell signals if the price reaches the $82,500 - $82,800 zone and fails to break out.
Stop Loss (SL):
For Longs: Below $79,000.
For Shorts: Above $83,800.
Take Profit (TP):
Primary Target: $82,400.
Secondary Target: $80,800 (Mid-range).
⚠️ Disclaimer: Trading Bitcoin involves high risk due to volatility. This analysis is for educational purposes only. Always use proper risk management and your own strategy before entering a trade.
What is your take on BTC's next move? Let me know in the comments! If you find this analysis useful, please leave a Like (👍).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.