Hello guys!
Bitcoin is consolidating in a symmetrical triangle pattern near a key resistance zone after a strong uptrend within the ascending channel. The price is trading just below the triangleโs top line, indicating a potential breakout or breakdown setup.
โ Key Scenarios:
๐ Scenario 1 โ Bullish Breakout:
If BTC breaks above the top of the triangle, we could see a sharp move upward toward the $106K resistance zone and potentially higher.
This would signal trend continuation and strength in the bullish momentum.
๐ Scenario 2 โ Temporary Pullback (Triangle Breakdown):
If BTC breaks the bottom of the triangle, the price might fall toward the $99,715 support level.
This zone is also aligned with a previous consolidation and could serve as a strong demand area.
A bullish reversal from this area is likely, providing another long opportunity targeting the same $106K resistance.
Conclusion:
Bitcoin is moving in a tightening range. A breakout from the triangle will dictate the next move. For clearer direction, traders should watch for a decisive move above or below the triangle structure.