BTC /USD is forming a and is nearing the Potential Reversal Zone (PRZ).
This is happening after the formation of the failed to reverse (see in Related Ideas).
Notice the tight levels of the 1.618 XA projection and the extreme 3.14 BC projection.
The is usually volatile in the PRZ so prices might reverse quickly.
It would be wise to look for reversal candles on lower time frames.
Place stop loss at 2.0 XA projection.
take profit at 0.382 and 0.618 AD retracement.
Bonus (not in the chart):
in a 4 hour and 1 hour chart we can see a divergence - another positive sign that price action might reverse soon.
Point X might be a bit higher (a few days prior to the current X point).
If this is the case the PRZ and stop loss will be higher.
Let me know what you think.