BTCUSDT - Multi Time Frame Analysis - Short
Trend Analysys
Chart patern
2024-08-11T00:05:47+00:00
After conducting a comprehensive analysis of the coin across the 1D, 1H, and 15m time frames, the following observations have been made:
- On the 1D chart, the coin is forming a bullish flag.
- The 1H time frame indicates that, after establishing a prominent higher high (HH), the trend has transitioned into a sideways movement. This sideways trend is characterized by the formation of an ascending triangle, currently encountering strong resistance.
- The 15m time frame mirrors the 1H time frame, albeit with less noise.
Given the current technical setup and the need to minimize noise, I have chosen to focus on the 1H time frame. The analysis suggests that the trend is likely to break the support level of the ascending triangle, potentially initiating a short downward movement. The Relative Strength Index (RSI) also indicates a loss of momentum and is similarly sideways.
Thus, I have placed a pending Sell Stop order with the following details:
- Entry Price (EP): 60377.89
- Stop Loss (SL): 61280.74
- Take Profit (TP): 59475.04
- Risk-Reward Ratio (RR): 0.5%
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