Technical analysis by rossso about Symbol BTC: Buy recommendation (4/18/2024)

BTCUSD is currently exhibiting a Harmonic Pattern (XABCD) on the 4-hour time frame. This pattern is characterized by distinct price swings that form geometric structures. As per our analysis, the pattern is nearing completion, with Point D aligning with a crucial support level.Trendline Analysis:In conjunction with the Harmonic Pattern, a trendline has been identified, further reinforcing our bullish outlook. The convergence of the Harmonic Pattern and the trendline at Point D enhances the significance of this level as a potential entry point.Trade Setup:Entry: Long position entry is recommended at 64690, reflecting our anticipation of a bullish momentum shift from Point D.Stop Loss: To mitigate downside risk, a stop loss is advised at 59600, safeguarding against unexpected market fluctuations.Profit Targets:We have identified multiple profit-taking levels to capitalize on potential upward price movements:TP-1: 69760TP-2: 74834TP-3: 79870Rationale:The technical setup indicates a favorable risk-reward ratio, with Point D coinciding with a key support level and the formation of a Harmonic Pattern. This, coupled with the establishment of a trendline, strengthens the bullish bias.Conclusion:In summary, based on the analysis of the Harmonic Pattern formation and trendline dynamics, we advocate for a long position in BTCUSD with an entry at 64690 and stop loss at 59600. Profit targets are set at 69760, 74834, and 79870, reflecting our expectation of a bullish trend continuation from Point D. As always, prudent risk management is advised to navigate market volatility effectively.