Bitcoin Price Analysis: Long BTC/USD Positioning for Potential Upside Surge

Idea based on classical chart patterns observed on the daily chart. The market is near all-time highs with a breakout from a 4-week falling wedge on the weekly chart, suggesting lingering buying interest. On the daily chart, a 6-week descending triangle appears to have formed, but the breakout bar shows a long wick with an upward closing bar, indicating a potential fakeout. Support levels align with the completion point of the 4-week falling wedge, with the current market contained within a 20-week rectangle pattern near its midpoint. In case of a failure of the 6-week descending triangle, the initial target is at 77363, followed by the 4-week falling wedge target at 81678.90, and ultimately the 20-week rectangle target at 84001.60. A stop loss is suggested at the May 16th low of 64548 within the formation of the descending triangle, considering the lack of confirmation for a breakdown. The risk-reward ratio calculated using the first target is approximately 6:1. Entry: 66330 or below Stop Loss: 64548 (-0.73%) Take Profit: 77363 (+4.50%) Risk-Reward Ratio: Approximately 6:1 (Note: This is not investment advice or a prediction)

Trade closed: stop loss triggered. The chart pattern has now confirmed a downward breakout, suggesting a potential opportunity for a short reentry trade.

Trade closed due to stop being reached, resulting in a loss of 0.7% (based on total assets).