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symmetrical triangle

Bitcoin might be forming a symmetrical triangle

Bitcoin might be forming a symmetrical triangle while moving in the $29k -$31k price range. Let’s discuss what will happen if Bitcoin enters a symmetrical triangle.

Bitcoin is trading above $29.5k per unit with a little change over the last 24h. The largest digital asset trading volume has seen an appreciation of more than 30% during the previous 24 hours. Statistics from the CoinMarketCap show that BTC is 56% down from its all-time high of $68,789.  Let’s dive into technical analysis to predict the next move.

symmetrical triangle

Technical Analysis: Symmetrical Triangle

Technical analysis shows that in the 4H timeframe, Bitcoin might be forming a symmetrical triangle. The price is consolidating between two ranges ($29-$31k). The symmetrical triangle is a chart pattern that shows a bullish or bearish breakout. Two possible scenarios from here; If Bitcoin breaks above then we can go to the $36k price level keeping in mind resistance levels at $31k and $32k.

Bearish broke out and can lead Bitcoin to test its support level at $26k. If BTC retests its $26k support level and it doesn’t hold then we might see another bottom near the $23k price level. The role of macro-economic conditions will be critical as BTC and ETH are showing correlation. DYOR

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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