Seedubmac
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Seedubmac
The ascending triangle pattern in the Bitcoin (BTC/USD) chart suggests a bullish continuation pattern. Here’s a breakdown of the pattern:Key Characteristics of the Ascending Triangle:1.Resistance Level (Flat Top):•The price has repeatedly tested a resistance level near $107,000 without breaking through.•This forms the flat upper boundary of the ascending triangle.2.Rising Trendline (Higher Lows):•The price has been making higher lows, forming a diagonal support line.•This trendline connects the series of higher lows, indicating increasing buying pressure.3.Volume Considerations:•Typically, volume contracts as the pattern forms and expands upon breakout.•An increase in volume may confirm a breakout.4.Breakout Scenario:•If BTC/USD breaks above $107,000 with strong volume, it could trigger a significant rally.•The measured move target for the breakout can be estimated by adding the height of the triangle to the breakout level.5.Fakeouts & Risk Management:•A breakdown below the rising trendline could invalidate the bullish setup.•If BTC fails to break $107,000, it will likely retrace back to support (~90k-95k)Potential Target:•Height of the triangle: Approx. $22,000 (from $85,000 to $107,000).•If BTC breaks out above $107,000, the projected target could be around $129,000.
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