Bitcoin Price Prediction: BTC/USD Poised for Exciting Breakout with Ascending Triangle Pattern
30 Min BTC/USD Ascending Triangle Formation
There is an ascending triangle formation on the 30 Min BTC/USD chart. The ascending triangle pattern can indicate both bullish and bearish signals. Traders are anticipating a breakout within the next 24 hours, either upwards or downwards. It is advisable to wait for a breakout followed by a retest confirmation on the support/resistance line. A bullish outcome is hoped for, leading to a potential price increase back to the 68-69K range.
Possible Price Scenarios
However, a bearish outcome is also possible, which could result in a decline back to the 62-63K range where strong support exists.
Trading Tips
Best of luck with your trading endeavors and remember to adhere to these essential rules:
- Never enter a trade without setting a profit target and a stop loss.
- Always use multiple indicators to validate a trade.
- Avoid being greedy.
- If you incur a loss, consider taking the day off and returning the next day.
- Conduct your thorough due diligence and analysis encompassing market, technical, and fundamental aspects.
