BITCOIN - SYMMETRICAL TRIANGLE FORMING WITHIN A BULLISH TREND

May 17

Symbol - BTCUSDT

Bitcoin is consolidating. A symmetrical triangle pattern is forming within the context of a prevailing bullish trend. Based on the current technical setup, it is reasonable to interpret this consolidation as a preparatory phase for a continuation of the upward movement.

Fundamental nuances have gradually improved over recent weeks, contributing to a moderate revival in the cryptocurrency market. From a technical standpoint, the market structure on the daily chart appears constructive. Following a period of strong upward momentum, the price has entered a consolidation phase rather than showing signs of reversal. The overall market remains bullish. After approximately 2–3 weeks of consolidation, a bullish distribution pattern appears to be developing. This cycle has repeated on two previous occasions. On the daily timeframe, the presence of extended lower wicks during the consolidation phase suggests that large market participants (whales) are actively absorbing downward pressure, thereby preventing the price from entering risk zones. Accordingly, it is likely that the current consolidation could persist for a time, and there remains the possibility of a retest of the triangle’s lower boundary or even a deeper move to test the liquidity zones around 1,01,400 and 1,00,700 before resuming the upward trend.

Resistance levels: 1,03,600, 1,04,400, 1,05,000
Support levels: 1,02,500, 1,01,400, 1,00,600

A downside scenario may be considered if the price breaks through the triangle’s lower boundary and stabilizes around the 1,01,400 level, potentially forming a pre-breakdown consolidation-assuming no immediate rebound follows.

However, at present, intraday trading strategies can be considered within the range of the ongoing consolidation. A breakout to the upside and continuation of the bullish trend would likely be signaled by consolidation within the 1,03,500 to 1,05,000 range, accompanied by price compression toward the upper boundary.

May 19

Trade closed: target reached

CMP 1,06,600

Both targets have been reached.