BTC/USDT: Symmetrical Breakout and Channel Continuation

Oct 27

Hi guys!

Bitcoin has successfully broken out of a symmetrical triangle, confirming a bullish continuation pattern after several days of consolidation. The breakout was followed by a clean retest of the triangle’s upper boundary, which now acts as support.

Currently, the price is moving inside a rising parallel channel, showing a healthy bullish structure with higher highs and higher lows. As long as BTC maintains above the midline of this channel, the short-term trend remains upward.

In the coming sessions, price may continue oscillating within this ascending channel, forming a series of higher lows before reaching the next key resistance around $118,682, and potentially extending toward the triangle’s measured target at $122,567.

On the downside, a confirmed close below the channel’s lower line would be the first sign of weakening momentum and could lead to a deeper pullback toward $112,000–$113,000.

Important levels:

• Support: $114,000 / $112,500
  
• Resistance: $118,682 / $122,567
  
• Trend: Bullish above $114,000
  

Oct 28

Trade active

The midline of the channel touched