Currently in the 1h BTCUSDT chart, BTC price is moving near the $23,400 area. After forming a double bottom and a W pattern at the $22,700 - $23,000 supply zone, and then after price rejected from that supply zone area and after breakout the upper line of the descending triangle, we can see the price started to move to upward direction. Now, BTC price is moving near the neck level of the W pattern. Other than that we can see there is a resistance line above that level at the $23,500 area.We can expect that, If the price reject at that resistance level it will be comeback again to the supply zone and if the price successfully breakout and stable on that resistance level the price will be going to upward direction.
Trading is highly risk. Always focus about the risk management. Put less than 2% of your capital and less than 10 trades per day. 1:2 Risk reword ratio is appropriate. Keep more than 50% win rate. These things are according to my knowledge. This is only for the educational purposes and not as the financial advice. Do your own research. Trade carefully. Good luck!
Great analysis man and the description is great as well!!! Do you use news also as a confirmation or purely analysis and patterns!
kacsray
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@SwallowPremium, Thank you very much. Yes I did this analysis only by considering the chart patterns. But, if we can considering the fundamental news also withing the chart patterns, I think we can get very good confirmations.