This chart is a Bitcoin (BTC/USD) 15-minute price chart from TradingView, showing a potential short trade setup based on technical analysis. Here’s a breakdown of the key elements:
1. Resistance Zone & Short Setup
The purple highlighted area represents a resistance level around $85,358.
Price is consolidating within this resistance zone, suggesting a potential reversal.
The expected scenario involves a price rejection from this resistance, leading to a downward move.
2. Moving Averages
EMA (200, blue line) at $83,433: A long-term trend indicator suggesting a strong support zone.
EMA (30, red line) at $84,657: A short-term trend indicator, currently above the price, indicating a potential bearish setup if the price moves below it.
3. Target & Stop-Loss Le