#BTC: ARE YOU READY FOR THIS?
Updated
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BTC is currently forming an ascending triangle pattern on the daily timeframe. The price is testing the lower trendline, which is a key support level.
Here's what we're watching:
Potential breakout: A clean break and close above the upper trendline of the triangle would be a bullish signal, potentially leading to higher prices.
Target: If the breakout is confirmed, some analysts are targeting 100k. However, it's important to remember that price targets are not guarantees.
Breakdown scenario: If the price breaks down and closes below the lower trendline with significant volume, it could indicate a bearish reversal. Potential support levels could be around
52K-60k.
Let me know your thoughts in the comments below!
If you're enjoying this analysis, a thumbs up and follow would be greatly appreciated!
BTC is currently forming an ascending triangle pattern on the daily timeframe. The price is testing the lower trendline, which is a key support level.
Here's what we're watching:
Potential breakout: A clean break and close above the upper trendline of the triangle would be a bullish signal, potentially leading to higher prices.
Target: If the breakout is confirmed, some analysts are targeting 100k. However, it's important to remember that price targets are not guarantees.
Breakdown scenario: If the price breaks down and closes below the lower trendline with significant volume, it could indicate a bearish reversal. Potential support levels could be around
52K-60k.Let me know your thoughts in the comments below!
Note
Need a daily close above the lower trendline for a bullish scenario. If we get a breakdown by daily close, then we might test the HTF support level(53k-60k)
Hoping for a good bounce from here🤞
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