BTCUSDT is forming Bearish Rising Wedge Pattern & RSI Divergence
Greetings TradingView community,
Today, we will be examining the price action and key levels on the 1 hour time frame BTC USDT chart using technical analysis. Our goal is to identify potential trading opportunities and make informed trading decisions.
To start off, we will be using the Relative Strength Index (RSI), RichTL, and falling wedge indicators to analyse the chart. Upon close examination, we observe that BTC is forming a rising wedge, which is a bearish sign, along with bearish RSI divergence on the 1-hour chart.
Given the potential reversal signs on the chart, our plan is to take a SHORT trade on the breakdown of the bearish wedge. We recommend entering the market at a value of 26667.80, which is below the previous LL. We recommend placing a stop loss value at 28061.02, which is slightly above the previous HH.
Furthermore, our take profit 1 value is set at 25211.96, which is the next strong support zone, with a risk-reward ratio (RRR) of 1:1. Additionally, we recommend setting our take profit 2 value at 24100.51, which has a 1:2 RRR.
In conclusion, by using technical analysis to examine the BTC USDT chart on www.TradingView.com, we have identified a potential SHORT trade opportunity. We recommend entering the market at 26667.80, placing a stop loss at 28061.02, and setting take profit 1 and take profit 2 values at 25211.96 and 24100.51, respectively. As always, we recommend conducting your own analysis and risk management strategies before making any trading decisions.
Today, we will be examining the price action and key levels on the 1 hour time frame BTC USDT chart using technical analysis. Our goal is to identify potential trading opportunities and make informed trading decisions.
To start off, we will be using the Relative Strength Index (RSI), RichTL, and falling wedge indicators to analyse the chart. Upon close examination, we observe that BTC is forming a rising wedge, which is a bearish sign, along with bearish RSI divergence on the 1-hour chart.
Given the potential reversal signs on the chart, our plan is to take a SHORT trade on the breakdown of the bearish wedge. We recommend entering the market at a value of 26667.80, which is below the previous LL. We recommend placing a stop loss value at 28061.02, which is slightly above the previous HH.
Furthermore, our take profit 1 value is set at 25211.96, which is the next strong support zone, with a risk-reward ratio (RRR) of 1:1. Additionally, we recommend setting our take profit 2 value at 24100.51, which has a 1:2 RRR.
In conclusion, by using technical analysis to examine the BTC USDT chart on www.TradingView.com, we have identified a potential SHORT trade opportunity. We recommend entering the market at 26667.80, placing a stop loss at 28061.02, and setting take profit 1 and take profit 2 values at 25211.96 and 24100.51, respectively. As always, we recommend conducting your own analysis and risk management strategies before making any trading decisions.