BTC/USDT: Symmetrical Triangle Signals Potential Downside Move

10 hours ago

Hi!

The price action is currently forming a symmetrical triangle pattern, marked by converging trendlines, the top line showing lower highs and the bottom line showing higher lows.
At present, BTC is trading near the upper half of the pattern but has recently faced rejection from the top trendline, indicating potential bearish pressure. The highlighted setup suggests a short position targeting a move toward the bottom boundary of the triangle around $106,000–$105,500, with a stop loss near $112,300.

A confirmed break below the lower trendline could accelerate bearish momentum, while a breakout above the top line would invalidate this bearish scenario and signal possible trend reversal.

Bias: Bearish within the symmetrical triangle until a clear breakout occurs.

Key Levels:

• Resistance: $112,300
  
• Support: $106,000 / $105,500
  

1 hour ago

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