Technical Analysis of Bitcoin with the Ascending Triangle Patter
Bitcoin (BTC) is forming an ascending triangle, a pattern of continuation to the upside. The resistance (R) at $72,000 has been tested 5 times in the last 6 months, indicating a strong presence of sellers. The ascending support (S) shows that buyers are willing to enter at increasingly higher prices, creating growing buying pressure. Recently, there was a false breakout (FR) below $60,000, with the price seeking liquidity at $55,000 before quickly recovering back into the triangle. The trading volume (V) has been gradually decreasing, a typical behavior in an ascending triangle, where an increase in V is expected during the breakout of the resistance.
Based on technical analysis, if the ascending triangle pattern holds, the projection for the next leg up, considering the size of the initial rise within the triangle, suggests that Bitcoin's price could reach $100,000. This projection indicates a high probability of breaking the R at $72,000, especially if accompanied by a substantial increase in V, validating the strength of the buyers.
Based on technical analysis, if the ascending triangle pattern holds, the projection for the next leg up, considering the size of the initial rise within the triangle, suggests that Bitcoin's price could reach $100,000. This projection indicates a high probability of breaking the R at $72,000, especially if accompanied by a substantial increase in V, validating the strength of the buyers.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.