BITCOIN uptrend update
This chart is a technical analysis of the BTC/USD pair (Bitcoin against the US Dollar) on a 15-minute timeframe.
**Key Observations:**
1. **Rising Channel:**
- The price is currently moving within an upward channel marked by two parallel blue lines. This indicates a short-term bullish trend.
2. **Resistance Zones:**
- **Red Zone (~98,033 - 98,977):** A previously tested supply zone where sellers were active. The price has broken above this level, suggesting bullish momentum.
- **Green Zone (~100,338 - 101,216):** The next potential resistance area. This is likely a higher timeframe resistance zone where selling pressure may emerge.
3. **Support Zones:**
- **Yellow Zone (~94,229):** A significant demand zone at the bottom of the chart, indicating strong buying interest in this area.
- **Horizontal Blue Lines (~98,033 and 95,920):** Possible support levels based on historical price action.
4. **Price Action:**
- The price has recently broken out of the red supply zone, retested it as support, and continued upward, confirming a breakout.
5. **Projection (Arrow Path):**
- The black arrow suggests a potential retracement back into the channel's mid-level or the red zone (~98,977), followed by another move upwards towards the green resistance zone (~101,216).
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**Interpretation and Strategy:**
**Bullish Scenario:**
- If the price remains above the red zone (98,033 - 98,977), it may continue climbing toward the green zone (100,338 - 101,216). A break above this green resistance zone could lead to further gains, targeting new highs.
**Bearish Scenario:**
- If the price fails to hold above the red zone (98,033 - 98,977), it could fall back toward the lower support levels at 95,920 or even the yellow demand zone (~94,229).
**Trading Strategy:**
1. **Long Position:**
- Look for a retest of the red zone (~98,977) as support before entering long, with targets around 100,338 or 101,216.
- Stop loss: Below the red zone (~98,033).
2. **Short Position:**
- Consider shorting near the green zone (~101,216) if there's a rejection, with a target back to 98,977 or lower.
- Stop loss: Above 101,216.
**Key Observations:**
1. **Rising Channel:**
- The price is currently moving within an upward channel marked by two parallel blue lines. This indicates a short-term bullish trend.
2. **Resistance Zones:**
- **Red Zone (~98,033 - 98,977):** A previously tested supply zone where sellers were active. The price has broken above this level, suggesting bullish momentum.
- **Green Zone (~100,338 - 101,216):** The next potential resistance area. This is likely a higher timeframe resistance zone where selling pressure may emerge.
3. **Support Zones:**
- **Yellow Zone (~94,229):** A significant demand zone at the bottom of the chart, indicating strong buying interest in this area.
- **Horizontal Blue Lines (~98,033 and 95,920):** Possible support levels based on historical price action.
4. **Price Action:**
- The price has recently broken out of the red supply zone, retested it as support, and continued upward, confirming a breakout.
5. **Projection (Arrow Path):**
- The black arrow suggests a potential retracement back into the channel's mid-level or the red zone (~98,977), followed by another move upwards towards the green resistance zone (~101,216).
---
**Interpretation and Strategy:**
**Bullish Scenario:**
- If the price remains above the red zone (98,033 - 98,977), it may continue climbing toward the green zone (100,338 - 101,216). A break above this green resistance zone could lead to further gains, targeting new highs.
**Bearish Scenario:**
- If the price fails to hold above the red zone (98,033 - 98,977), it could fall back toward the lower support levels at 95,920 or even the yellow demand zone (~94,229).
**Trading Strategy:**
1. **Long Position:**
- Look for a retest of the red zone (~98,977) as support before entering long, with targets around 100,338 or 101,216.
- Stop loss: Below the red zone (~98,033).
2. **Short Position:**
- Consider shorting near the green zone (~101,216) if there's a rejection, with a target back to 98,977 or lower.
- Stop loss: Above 101,216.
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