Bitcoin touching 70000 and 80000 in coming monthsThe BTC/USD pair has been consolidating within a symmetrical triangle pattern for the past few weeks. Recent price action suggests a potential bullish breakout. Here are the key points:
Symmetrical Triangle Formation:
The price has been forming higher lows and lower highs, creating a symmetrical triangle.
This pattern typically indicates an impending breakout, either to the upside or downside.
Bullish Signals:
The 50-day moving average (MA) has crossed above the 200-day MA, signaling a bullish trend reversal.
Volume has been gradually increasing during the consolidation phase, suggesting accumulation.
Potential Trade Setup:
Entry Point: Buy on a daily close above the upper trendline of the symmetrical triangle (around $65,000).
Stop Loss: Set a stop loss below the lower trendline (around $60,000).
Take Profit: Target the previous swing high near $70,000.
Risk Management:
Ensure proper risk management by adjusting position size based on your risk tolerance.
Monitor price action closely and be prepared to exit if the breakout fails.
Remember to conduct your own analysis and consider other technical indicators before executing any trades. Happy trading! 🚀📈
