Bitcoin/USDT 15m Chart Analysis: Symmetrical Triangle Breakout Looming?
Looking at the Bitcoin/USDT 15-minute chart, we can observe an interesting formation with price action consolidating inside a symmetrical triangle. This kind of pattern often signals an impending breakout, but its direction is always subject to interpretation.
After a significant upward push earlier today, BTC retraced but quickly found support around the $104,750 level. Notice how it's been holding an ascending trendline, indicating that buyers have been stepping in consistently on dips. The consolidation is now tightening near the triangle's apex, meaning a breakout might be just around the corner.
Interestingly, the Relative Strength Index (RSI) has cooled off from the overbought territory but still holds a neutral zone, sitting around 59. A break above 60 could see increased momentum, potentially driving prices higher.
Looking at key levels:
Immediate resistance is seen near $105,748, which aligns with the upper trendline of the triangle.
On the upside, should Bitcoin push through this level, we could witness a surge toward $106,861 and even higher to $108,171, which seems to be a major liquidity area.
However, let's not ignore the risk of the downside! If Bitcoin fails to break upwards, a drop below the triangle's support around $105,015 could trigger a correction towards $104,710. A break below this level could give way to further downside pressure.
While we can never predict the future with certainty, the market does seem to be gearing up for a move. But, will it break upwards? đ€ The structure seems to suggest potential upside, but keep a close eye on how it reacts at the triangle's resistance.
Could this be the moment the bulls take charge and push Bitcoin beyond the key resistance? The upcoming breakout could present an opportunity, but which side of the market will emerge victorious? đ§
Disclaimer: This is not financial advice. Please conduct your own research before making any investment decisions.