Bitcoin will exit of triangle and then bounce up from buyer zone

Aug 24

Hello traders, I want share with you my opinion about Bitcoin. Following a decisive breakout from a prior downward wedge, Bitcoin entered a phase of balance and consolidation that is currently forming a symmetrical triangle. This new market environment signifies contracting volatility, with the price being methodically squeezed between a descending resistance line and an ascending support line. The asset has reached a critical juncture, as it is now at the apex of this formation, where the ascending support line converges with a strong horizontal support level at 114400. The primary working hypothesis is a long scenario, based on the expectation of a 'fake breakdown' or 'liquidity hunt'. It is anticipated that the price may briefly dip below the support line and into the buyer zone to trigger stops before staging a strong reversal. A swift reclaim of the 114400 level would be the ultimate confirmation of this bullish thesis, validating the original uptrend. This reversal is then expected to trigger a significant upward rebound. Therefore, the TP is logically placed at the 118000 level, as this represents a key area of prior price interaction and serves as a prudent first objective for a rally of this nature. Please share this idea with your friends and click Boost 🚀

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Aug 25

Trade closed manually

Bitcoin exited from triangle and soon broke support level, after which continued to fall.