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.
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.