BTCUSDT 2H - Symmetrical Triangle
On the 2-hour chart of Bitcoin (BTC/USD), the price is moving inside a symmetrical triangle pattern. This pattern represents a price compression, indicating a potential trend continuation or reversal, depending on the breakout.
The symmetrical triangle pattern is about to reach its convergence point, suggesting that a breakout, either to the upside or downside, may be imminent.
Immediate resistance is located around the $65,639 level, which coincides with the upper trendline of the triangle. This level also aligns with previous highs, suggesting that a break above this point could signal a strong bullish move.
Significant support is located around the $61,953 level, which is the lower trendline of the triangle. This is an important level for buyers to defend to avoid a larger decline.
If the price breaks above the resistance at $65,639, it could signal a continuation of the uptrend, possibly testing higher levels around $68,000 or even higher.
A break below the support at $61,953 could signal a trend reversal, with possible targets at lower levels such as $60,000 and even $58,000, depending on the pressure
The symmetrical triangle pattern is about to reach its convergence point, suggesting that a breakout, either to the upside or downside, may be imminent.
Immediate resistance is located around the $65,639 level, which coincides with the upper trendline of the triangle. This level also aligns with previous highs, suggesting that a break above this point could signal a strong bullish move.
Significant support is located around the $61,953 level, which is the lower trendline of the triangle. This is an important level for buyers to defend to avoid a larger decline.
If the price breaks above the resistance at $65,639, it could signal a continuation of the uptrend, possibly testing higher levels around $68,000 or even higher.
A break below the support at $61,953 could signal a trend reversal, with possible targets at lower levels such as $60,000 and even $58,000, depending on the pressure
Penafian
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