This chart for BTC/USD (30-minute timeframe) is showing a classic ascending triangle pattern, which is typically a bullish formation.
Breakdown:
Pattern: Ascending Triangle
Flat resistance around $85,757.
Higher lows forming the ascending trendline.
Entry Point: Likely suggested at a breakout above the resistance line (~$85,757).
Take Profit Levels:
First TP just above the breakout (likely ~87,000).
Final TP near $89,000.
Stop Loss: Below the ascending trendline (around $84,000), in case of a breakdown.
Strategy:
1. Buy on breakout of resistance (~85,757).
2. Take partial profits near first target (~87,000).
3. Hold remaining toward final target (~89,000).
4. Stop loss in place to limit downside risk.
Would you like a technical explanation of why this pattern is considered bullish or how to trade it more conservatively?