Bitcoin is currently trading within a well-respected ascending channel, and price has now reached a key confluence zone.
We are seeing a clear rejection from the upper boundary of the channel, which aligns with a strong horizontal supply zone.
📊 Key Confluences:
• Ascending channel resistance
• Horizontal supply zone (previous rejection area)
• Lower high formation on LTF
• Momentum slowing near resistance
🎯 Trade Plan:
Bias: Short
Entry: Current zone (~76.5k)
Stop Loss: Above recent swing high (~78.3k)
Target: Channel support (~69k area)
⚠️ What Would Invalidate This Setup?
A strong breakout and acceptance above the channel resistance + supply zone would invalidate the bearish idea.
🧠 Summary:
Price is trading at a premium inside the structure.
Unless buyers reclaim strength above resistance, probability favors a pullback towards the lower range of the channel.
📌 Note:
This is a high R:R setup based on structure and confluence, not prediction. Always manage your risk.
We are seeing a clear rejection from the upper boundary of the channel, which aligns with a strong horizontal supply zone.
📊 Key Confluences:
• Ascending channel resistance
• Horizontal supply zone (previous rejection area)
• Lower high formation on LTF
• Momentum slowing near resistance
🎯 Trade Plan:
Bias: Short
Entry: Current zone (~76.5k)
Stop Loss: Above recent swing high (~78.3k)
Target: Channel support (~69k area)
⚠️ What Would Invalidate This Setup?
A strong breakout and acceptance above the channel resistance + supply zone would invalidate the bearish idea.
🧠 Summary:
Price is trading at a premium inside the structure.
Unless buyers reclaim strength above resistance, probability favors a pullback towards the lower range of the channel.
📌 Note:
This is a high R:R setup based on structure and confluence, not prediction. Always manage your risk.
Trade active
Trade Activeeeeee......Note
Running in PROFITNote
190 Pips Completed...Trade closed manually
Trade closed with cost to cost
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.
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.