BTC/USD) Trend channel analysis setup Read The ChaptianSMC Trading point update
technical analysis of Bitcoin (BTC/USD) on the 1-hour timeframe. It showcases a potential breakout continuation vs. pullback scenario, depending on how price reacts around a key short-term resistance area.
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Key Observations:
1. Current Price:
$93,754 — Price is consolidating just below a local high.
2. Support and Resistance Zones:
Support BOS (Break of Structure): Around the $87,351 level, highlighted in yellow.
Upper Target Zone: $98,954–$98,983
200 EMA: Near $86,926, offering dynamic support.
3. Two Possible Scenarios:
A. Bullish Continuation:
If the price holds above the immediate structure and breaks out of the short-term consolidation near the top:
It may surge toward the upper target zone ($98,983).
This aligns with the ascending channel and continuation pattern.
B. Bearish Pullback:
If the price fails to sustain above the resistance area:
A correction down to the support BOS zone (~$87,351) is likely.
This pullback may be temporary, potentially offering a re-entry zone for bulls.
4. RSI Analysis (Bottom of Chart):
RSI is showing signs of bearish divergence (price making higher highs while RSI makes lower highs).
This suggests momentum is weakening, and a short-term pullback could occur.
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Trade Ideas:
Long Setup (Breakout):
Entry: Above recent high (~$94,500).
Target: ~$98,950
Stop Loss: Below ~$92,000
Short Setup (Rejection):
Entry: Rejection near ~$94,000–$94,500
Target: ~$87,350
Stop Loss: Above ~$94,800
Mr SMC Trading point
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Summary:
This analysis reflects a critical decision point for BTC/USD. Price is nearing a local high with RSI divergence suggesting a pullback may come first — but if buyers remain strong and break resistance, a continuation toward GETTEX:98K is likely. Wait for confirmation of direction before entering.
Pales support boost 🚀 analysis follow)
