Bitcoin Consolidates Within Symmetrical Triangle

1 พ.ย.

Hi guys!

The chart illustrates a symmetrical triangle formation. This pattern typically signals a potential breakout scenario, though the direction must be confirmed by price action.

Key Technical Levels

• Resistance Zone: Around $111,000 – $113,000, aligned with the top line of the symmetrical triangle.
  
• Major Support: Defined by the bottom line of the triangle, currently holding near $107,000 – $108,000.
  
• Breakout Target: Upon a confirmed breakout to the upside, the projected target for the triangle stands near $122,587, which aligns with a measured move from the pattern’s height.
  

Trading Plan
Bullish Scenario:
A breakout and close above the resistance zone ($111,500) would confirm bullish momentum. In this case, a long position could be considered, with the target around $122,500 as marked on the chart. This would also indicate renewed market strength and continuation toward higher levels.

Bearish Scenario:
If the price fails to break above the resistance and instead faces rejection, traders are advised to focus on short positions, anticipating a potential retracement toward the lower boundary of the triangle or even a breakdown below it. A close below the bottom trendline could signal deeper downside continuation.


Conclusion
Bitcoin is currently consolidating within a symmetrical triangle, reflecting indecision in the market. A confirmed breakout above resistance could trigger a bullish run toward $122,500, while rejection at this level would favor short setups. Traders should monitor the breakout area closely and wait for volume confirmation before committing to a position.

3 พ.ย.

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