Chart Analysis:
Bitcoin has been consolidating within a well-defined rectangle pattern over the past several days, bounded by a support level around $95,000 and a resistance level near $97,000. This horizontal range represented a period of market indecision, where neither buyers nor sellers took clear control.
On May 2nd, BTC broke above the upper boundary of the rectangle, signaling a potential bullish continuation. Breakouts from consolidation zones, especially after a strong preceding trend, often lead to significant price moves due to the build-up of momentum and volume.
🧠 Technical Outlook:
Rectangle Pattern: Acts as a continuation formation in this context. The price bounced multiple times between horizontal support and resistance, creating a reliable breakout setup.
Support & Resistance:
Support Level: ~$95,000 (former resistance turned support)
Resistance Level: ~$97,000 (now flipped into support after the breakout)
Post-Breakout Retest: After breaking out, price has pulled back slightly, which appears to be a classic retest of the breakout zone — often a strong area to consider long entries.
Target Projection: Using the height of the rectangle added to the breakout point, the projected target is around $98,761. This aligns with prior price action zones and psychological levels.
Stop Loss Placement: Strategically placed just below the retest zone at $95,568, minimizing risk in case of a failed breakout.
✅ Trade Plan Summary:
Parameter Value
Entry ~$96,100
Stop Loss $95,568
Target $98,761
Risk/Reward ~1:4 ratio (approximate)
🔔 Notes for Traders:
Ensure volume confirmation on the breakout to validate strength.
Monitor for a higher low above $95,500 to confirm retest support.
If price re-enters the rectangle zone, this setup becomes invalid and would require reassessment.
Bitcoin has been consolidating within a well-defined rectangle pattern over the past several days, bounded by a support level around $95,000 and a resistance level near $97,000. This horizontal range represented a period of market indecision, where neither buyers nor sellers took clear control.
On May 2nd, BTC broke above the upper boundary of the rectangle, signaling a potential bullish continuation. Breakouts from consolidation zones, especially after a strong preceding trend, often lead to significant price moves due to the build-up of momentum and volume.
🧠 Technical Outlook:
Rectangle Pattern: Acts as a continuation formation in this context. The price bounced multiple times between horizontal support and resistance, creating a reliable breakout setup.
Support & Resistance:
Support Level: ~$95,000 (former resistance turned support)
Resistance Level: ~$97,000 (now flipped into support after the breakout)
Post-Breakout Retest: After breaking out, price has pulled back slightly, which appears to be a classic retest of the breakout zone — often a strong area to consider long entries.
Target Projection: Using the height of the rectangle added to the breakout point, the projected target is around $98,761. This aligns with prior price action zones and psychological levels.
Stop Loss Placement: Strategically placed just below the retest zone at $95,568, minimizing risk in case of a failed breakout.
✅ Trade Plan Summary:
Parameter Value
Entry ~$96,100
Stop Loss $95,568
Target $98,761
Risk/Reward ~1:4 ratio (approximate)
🔔 Notes for Traders:
Ensure volume confirmation on the breakout to validate strength.
Monitor for a higher low above $95,500 to confirm retest support.
If price re-enters the rectangle zone, this setup becomes invalid and would require reassessment.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.