Chart Timeframe: 15 Min
Indicators Used: LuxAlgo Supply & Demand, Visible Range Volume Profile
Current Price: $95,554
Support Zone: $95,631 – Key demand zone (highlighted in orange)
Resistance Levels: $96,786 and $97,727
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Analysis:
Bitcoin is currently sitting right at a high-volume demand zone ($95,631), which has acted as strong support recently. Price is testing this level aggressively.
Two possible scenarios are in play:
1. Bullish Reversal:
If bulls defend this zone, we could see a bounce back toward $96,786, and possibly a retest of the $97,727 supply zone. This area aligns with previous sell pressure and high volume, making it a solid take-profit zone for long scalpers.
2. Bearish Breakdown:
A clean break and candle close below the orange demand zone may signal further downside, with the next logical support not shown on this chart (could be referenced in a follow-up post). Look for high-volume confirmation on the breakdown.
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Trade Idea:
Long Entry: On bullish confirmation (e.g., bullish engulfing or demand hold at $95,631)
Target 1: $96,786
Target 2: $97,727
Stop Loss: Below $95,400 (depending on risk tolerance)
Bias: Neutral – waiting for confirmation
Market Reaction: Watch how price behaves in the next 2-3 candles at this key zone.