Bitcoin is trading inside an ascending channel and has just tapped into a supply zone, making this a clean scenario for a short‑term counter‑trend short back toward prior support. The idea is to fade the move inside the supply, then ride price down to the support level where buyers previously stepped in.
Price has been respecting an ascending channel. Current location is at the upper band plus an overlapping supply zone, which often acts as a magnet for profit‑taking and short entries.
After a strong impulsive leg up, price is overextended into supply on the 15m chart, with RSI elevated and showing potential for momentum fade rather than fresh trend acceleration.
Take Profit:
Stop Loss: Conservative: Just above the supply zone and recent high, around 92,300–92,500.
Price has been respecting an ascending channel. Current location is at the upper band plus an overlapping supply zone, which often acts as a magnet for profit‑taking and short entries.
After a strong impulsive leg up, price is overextended into supply on the 15m chart, with RSI elevated and showing potential for momentum fade rather than fresh trend acceleration.
Take Profit:
- TP1: Mid‑channel near 90,000–90,200 to secure partial profits.
- TP2: Support zone around 89,200–89,300, where the last strong breakout originated.
Stop Loss: Conservative: Just above the supply zone and recent high, around 92,300–92,500.
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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.