BTC/USDT Analysis Update
Bitcoin has formed an ascending triangle pattern, and the price is currently testing a key horizontal supply zone. This level has historically acted as a resistance area, making it a crucial point to watch for a breakout.
The triangle's upward trendline shows steady buying pressure, with the price making higher lows.
Bitcoin is trying to break through this significant resistance area, which could trigger a bullish rally if A confirmed breakout above this zone, with strong volume, would suggest a continuation of the bullish trend, targeting higher resistance levels.
Consider entering a long position if there is a confirmed breakout above the supply zone with a retest showing support.
To minimize risk, a stop-loss can be placed just below the ascending triangle's lower boundary.
Look for profit targets around the next significant resistance levels.
Keep a close eye on the price action and volume to confirm the breakout, as this could set the tone for Bitcoin's next major move.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
The triangle's upward trendline shows steady buying pressure, with the price making higher lows.
Bitcoin is trying to break through this significant resistance area, which could trigger a bullish rally if A confirmed breakout above this zone, with strong volume, would suggest a continuation of the bullish trend, targeting higher resistance levels.
Consider entering a long position if there is a confirmed breakout above the supply zone with a retest showing support.
To minimize risk, a stop-loss can be placed just below the ascending triangle's lower boundary.
Look for profit targets around the next significant resistance levels.
Keep a close eye on the price action and volume to confirm the breakout, as this could set the tone for Bitcoin's next major move.
Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.
You can DM us for information on any other coin.
@Peter_CSAdmin
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