Bitcoin Coils Inside a Triangle — Is a Major Breakout Coming? for BINANCE:BTCUSDT by pejman_zwin
Bitcoin(BINANCE:BTCUSDT) is currently trading near the Support Lines while forming a Symmetrical Triangle close to the upper trendline of the Descending Channel. Over the weekend, price action has remained compressed, suggesting that a larger directional move could be approaching. Can Bitcoin hold the Support Lines and break above the Descending Channel? Technical Analysis From an Elliott Wave perspective, Bitcoin also appears to be forming a Contracting Triangle, which could complete Wave …
Bitcoin(BTCUSDT) is currently trading near the Support Lines while forming a Symmetrical Triangle close to the upper trendline of the Descending Channel. Over the weekend, price action has remained compressed, suggesting that a larger directional move could be approaching. Can Bitcoin hold the Support Lines and break above the Descending Channel?Technical AnalysisFrom an Elliott Wave perspective, Bitcoin also appears to be forming a Contracting Triangle, which could complete Wave B and set the stage for the next Impulsive Wave. Inside the triangle, BTC is trading near the key trading level of $63,345. 💡 Educational Note: A Contracting Triangle often develops during corrective phases and typically precedes the final move in the direction of the larger structure once price breaks out. I expect Bitcoin to break above the upper trendline of the Descending Channel and rise at least toward $63,400. If BTC successfully breaks the key trading level of $63,500, the bullish move could extend toward the Cumulative Short Liquidation Leverage zone. Trade SetupFirst Take Profit(TP): $63,400Second Take Profit(TP): Cumulative Short Liquidation Leverage($63,680-$63,550)Stop Loss(SL): $62,767Key Trading Levels: $63,345 _ $63,500Which level do you think Bitcoin will reach first?🟢 $63,680🔴 $62,767📌 Bitcoin Analysis(BTCUSDT), 1-hour time frame. 🛑 Always use proper risk management and set a Stop Loss(SL) for every position. 🚀 If this analysis helps your trading plan, a BOOST would help more traders discover it. DisclaimerThe 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 theTerms of Use.