Technical Analysis of Bitcoin (BTC/USD) – 1H Chart

1. Trend Identification
The price is currently in a consolidation phase after a recent downtrend, with potential for reversal based on the projected price movement within the ascending channel.
The 200-period moving average (blue line) is acting as dynamic support. A breakout above it could confirm bullish momentum.
Point of Control (POC) at 86,086.63: This suggests a high liquidity zone where price is likely to react.
2. Key Support & Resistance Levels
Immediate Resistance: 86,000 - 86,500 zone (aligned with POC and previous consolidation).
Immediate Support: 84,000 - 84,500 (current trading range).
Stronger Support: 80,948 (purple line, potential demand zone).
Upside Targets: 90,000 - 95,000 (upper boundary of projected channel).
3. Volume Analysis
The last 60 bars’ volume profile shows selling pressure slightly higher than buying pressure (-5.65%), suggesting potential short-term bearish movement before a bounce.
If price holds above 84,000 and buying volume increases, it strengthens the bullish case.
4. Chart Patterns & Projections
The projected path (red and blue lines) suggests a potential bullish breakout into an ascending channel, targeting 95,000.
A potential double bottom is forming around 84,000, which could act as a reversal signal.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Near 84,500 - 85,000 (buying into support).
Stop-Loss: Below 83,800 (to protect against a breakdown).
Targets:
First Target: 86,500 (POC zone).
Second Target: 90,000 (psychological level).
Final Target: 95,000 (upper channel resistance).
Risk-Reward Ratio: At least 1:3 (depending on position sizing).
2. Short Trade Setup (Bearish Breakdown Scenario)
Entry: Below 83,800 (breakdown confirmation).
Stop-Loss: Above 85,000 (previous support turned resistance).
Targets:
First Target: 82,000
Second Target: 80,948 (key support level).
Risk-Reward Ratio: 1:2 or better (depending on volatility).