Bitcoin (BTC/USDT) Symmetrical Triangle Analysis: Next Move?

2 days ago

Bitcoin (BTC/USDT) 4H Chart Analysis

Key Observations:

1. Symmetrical Triangle Pattern:

The chart shows a symmetrical triangle formation, characterized by converging trendlines.

This pattern typically signals a breakout, but the direction (up or down) depends on market momentum.



2. Current Price Action:

BTC is trading around $102,979.98 at the time of the chart.

It is above the 200 EMA ($100,003.64), indicating bullish strength.

The price recently bounced off support and is moving towards resistance.



3. Support and Resistance Levels:

Support: Around $97,785.55 (blue line).

Resistance: Around $109,636.60 (blue line).



4. Potential Scenarios:

Bullish Breakout:

If BTC breaks above the upper trendline, it may rally towards $109,636.60 or higher.

A confirmed breakout could push BTC to $112,500+.


Bearish Breakdown:

If BTC rejects at resistance and breaks downward, it could retest the $100,000 level or lower.

A breakdown could target $97,785.55 or even $95,000.





Final Thoughts:

Watch for a breakout or breakdown from the triangle pattern.

Volume is crucial—a high-volume breakout confirms strength, while low volume can indicate a fakeout.

If BTC stays above $100,000 (200 EMA support), the bullish bias remains intact.

2 days ago

Note

eye on BTC ..!!