My analysis of Bitcoin (BTC) for long Position
2024-11-17

My analysis of Bitcoin (BTC) presents a clear intraday trading strategy using a combination of entry, stop-loss, and take-profit targets, as shown in the chart. Here's a detailed breakdown:

1. Entry and Stop-Loss Level:

Entry Level at 85,400: This is the level at which you anticipated a reversal or a bounce, signaling an optimal entry for a long position. Your chart suggests that you waited for a confirmation at this level before taking action.

Stop-Loss at 84,800: The stop-loss was placed below the entry point to manage risk and minimize potential losses in case the market moved against your trade. This positioning indicates a relatively tight risk management approach.



2. Price Movement and Zone Analysis:

The highlighted area between the entry and take-profit zone shows a range of price action within your expected bullish move. It appears that you used horizontal support and resistance zones (possibly based on a supply-demand or Fibonacci level) as key areas to anticipate the price movement.

The upward momentum after your entry seems to confirm your prediction, showing a steady upward trend. This suggests that the market aligned well with your expected movement.



3. Target and Take-Profit Zone:

Take-Profit Level at 90,500: This was your anticipated exit point, based on your chart analysis. The take-profit target was positioned above the entry, indicating a strategy aimed at capturing a significant move to the upside. This target reflects your expectations of resistance and aligns with your goal of maximizing profit.



4. Overall Market Sentiment and Potential Approach:

The presence of a red zone above the take-profit area likely represents a supply zone or resistance, signaling potential profit-taking or strong resistance ahead.

The highlighted blue zone likely marks areas of support, demand zones, or consolidation regions, demonstrating areas where buyers may have stepped in or where you identified accumulation.