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Let’s analyze Bitcoin. The market is in a very tight range.
⌛️ 1-hour timeframe
On the 1-hour timeframe, Bitcoin has formed a range box between 83,274 and 84,719, and it has been moving between these two zones for almost three days.
✔️ The nature of financial markets comes with volatility; meaning this range box will not last forever, and eventually, the price will break out either to the upside or the downside.
🧮 Now, since the trend is bullish, if the price breaks out of this box to the upside, the probability of the move continuing will be higher.
📊 So, with a breakout of the 84,719 zone, we can open a long position. Our next resistance levels will be 87,016 and 90,279.
✍️ On the other hand, with a downside breakout of the box, the price could correct toward lower levels. This move will simply be a correction and will be against the market’s main trend.
✨ Currently, we confirm a trend reversal and a bearish market after the 80,145 zone is broken. That’s why a breakout of 83,274 is not a very interesting trigger for a short position and will have a low win rate.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you’re not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.