Bitcoin Reversal: Top Fibonacci & Volume Insights + Buy/Sell
Expert Analysis of Bitcoin (BTC/USD) on a 1-hour Timeframe
1. Break of Structure (BOS) and Change of Character (CHoCH):
BOS and CHoCH are marked on the chart to highlight significant shifts in market structure.
BOS (Break of Structure): Indicates a strong trend continuation when the price breaks previous support or resistance levels.
CHoCH (Change of Character): Suggests a potential reversal or significant change in trend direction.
2. Fibonacci Retracement Levels:
Key Fibonacci levels are used to identify potential support and resistance areas:
0.382 (95,540)
0.5 (94,918)
0.618 (94,297)
0.705 (93,823)
0.786 (93,417)
The 0.5 and 0.618 levels are particularly noteworthy as they often act as strong support or resistance zones.
3. Volume Profile:
The Volume Profile on the right side of the chart shows the traded volume at different price levels.
Higher volume areas indicate strong support or resistance zones.
The highest volume node around the 96,380 level suggests a significant resistance area.
4. Price Action:
The chart indicates a significant downtrend followed by a potential reversal.
Price has broken several support levels (BOS) and is now testing the Fibonacci retracement levels.
The recent CHoCH suggests a potential shift in market sentiment, indicating that the downtrend might be losing momentum and a reversal could be in play.
5. Key Indicators:
Relative Strength Index (RSI): Currently at 59.35, indicating neutral to slightly bullish momentum.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, indicating bullish momentum.
6. Key Levels:
Resistance: 96,380 (high volume node)
Support: Fibonacci levels at 0.5 (94,918) and 0.618 (94,297)
Buy Scenario with Confirmation:
Price Action: Look for a bullish CHoCH or BOS, indicating a potential upward trend.
RSI Confirmation: RSI should be above 50 and ideally moving upwards.
MACD Confirmation: MACD line crossing above the signal line, with a positive histogram.
Volume Confirmation: Increasing volume on bullish candlesticks.
Entry Point: Consider entering a buy position when the price breaks above a recent resistance level, such as $96,380, with confirmation from the above indicators.
Stop Loss: Place a stop loss below the recent swing low or support level, such as $94,918.
Take Profit: Set a take profit target at the next significant resistance level or based on a risk-reward ratio, such as $98,000.
Sell Scenario with Confirmation:
Price Action: Look for a bearish CHoCH or BOS, indicating a potential downward trend.
RSI Confirmation: RSI should be below 50 and ideally moving downwards.
MACD Confirmation: MACD line crossing below the signal line, with a negative histogram.
Volume Confirmation: Increasing volume on bearish candlesticks.
Entry Point: Consider entering a sell position when the price breaks below a recent support level, such as $94,918, with confirmation from the above indicators.
Stop Loss: Place a stop loss above the recent swing high or resistance level, such as $96,380.
Take Profit: Set a take profit target at the next significant support level or based on a risk-reward ratio, such as $93,000.
Conclusion:
The chart suggests a potential reversal in the downtrend of Bitcoin prices, with significant support and resistance levels identified through Fibonacci retracement and volume profile analysis. BOS and CHoCH annotations provide insights into the market structure and potential future price movements. Keep an eye on the key Fibonacci levels and the high volume node for potential trading opportunities.
Bitcoin, BTCUSD, Technical Analysis, Fibonacci, Volume Profile, Trading, Price Action, Reversal, Buy Signal, Sell Signal, Support, Resistance, BOS, CHoCH, 1H Chart, Crypto, Cryptocurrency
1. Break of Structure (BOS) and Change of Character (CHoCH):
BOS and CHoCH are marked on the chart to highlight significant shifts in market structure.
BOS (Break of Structure): Indicates a strong trend continuation when the price breaks previous support or resistance levels.
CHoCH (Change of Character): Suggests a potential reversal or significant change in trend direction.
2. Fibonacci Retracement Levels:
Key Fibonacci levels are used to identify potential support and resistance areas:
0.382 (95,540)
0.5 (94,918)
0.618 (94,297)
0.705 (93,823)
0.786 (93,417)
The 0.5 and 0.618 levels are particularly noteworthy as they often act as strong support or resistance zones.
3. Volume Profile:
The Volume Profile on the right side of the chart shows the traded volume at different price levels.
Higher volume areas indicate strong support or resistance zones.
The highest volume node around the 96,380 level suggests a significant resistance area.
4. Price Action:
The chart indicates a significant downtrend followed by a potential reversal.
Price has broken several support levels (BOS) and is now testing the Fibonacci retracement levels.
The recent CHoCH suggests a potential shift in market sentiment, indicating that the downtrend might be losing momentum and a reversal could be in play.
5. Key Indicators:
Relative Strength Index (RSI): Currently at 59.35, indicating neutral to slightly bullish momentum.
MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, indicating bullish momentum.
6. Key Levels:
Resistance: 96,380 (high volume node)
Support: Fibonacci levels at 0.5 (94,918) and 0.618 (94,297)
Buy Scenario with Confirmation:
Price Action: Look for a bullish CHoCH or BOS, indicating a potential upward trend.
RSI Confirmation: RSI should be above 50 and ideally moving upwards.
MACD Confirmation: MACD line crossing above the signal line, with a positive histogram.
Volume Confirmation: Increasing volume on bullish candlesticks.
Entry Point: Consider entering a buy position when the price breaks above a recent resistance level, such as $96,380, with confirmation from the above indicators.
Stop Loss: Place a stop loss below the recent swing low or support level, such as $94,918.
Take Profit: Set a take profit target at the next significant resistance level or based on a risk-reward ratio, such as $98,000.
Sell Scenario with Confirmation:
Price Action: Look for a bearish CHoCH or BOS, indicating a potential downward trend.
RSI Confirmation: RSI should be below 50 and ideally moving downwards.
MACD Confirmation: MACD line crossing below the signal line, with a negative histogram.
Volume Confirmation: Increasing volume on bearish candlesticks.
Entry Point: Consider entering a sell position when the price breaks below a recent support level, such as $94,918, with confirmation from the above indicators.
Stop Loss: Place a stop loss above the recent swing high or resistance level, such as $96,380.
Take Profit: Set a take profit target at the next significant support level or based on a risk-reward ratio, such as $93,000.
Conclusion:
The chart suggests a potential reversal in the downtrend of Bitcoin prices, with significant support and resistance levels identified through Fibonacci retracement and volume profile analysis. BOS and CHoCH annotations provide insights into the market structure and potential future price movements. Keep an eye on the key Fibonacci levels and the high volume node for potential trading opportunities.
Bitcoin, BTCUSD, Technical Analysis, Fibonacci, Volume Profile, Trading, Price Action, Reversal, Buy Signal, Sell Signal, Support, Resistance, BOS, CHoCH, 1H Chart, Crypto, Cryptocurrency
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Alex Gold Hunter
Free Signals & analysis
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bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.