Bitcoin Coils Inside a Triangle — Is a Major Breakout Coming?
$BTC is currently trading near the Support Lines while forming a Symmetrical Triangle close to the upper trendline of the Descending Channel. Over the weekend, price action has remained compressed, suggesting that a larger directional move could be approaching.
From an Elliott Wave perspective, Bitcoin also appears to be forming a Contracting Triangle, which could complete Wave B and set the stage for the next Impulsive Wave. Price is trading near the key level of $63,345 inside the triangle.
I expect Bitcoin to break above the upper trendline of the Descending Channel and rise at least toward $63,400. If BTC successfully breaks the key level of $63,500, the bullish move could extend toward the Cumulative Short Liquidation Leverage zone.
🎯 First Target: $63,400
🎯 Second Target: Cumulative Short Liquidation Leverage($63,680-$63,550)
🛑 Stop Loss: $62,767
Key levels to watch: $63,345 – $63,500
Full chart with detailed levels and analysis here 👇
https://www.tradingview.com/chart/BTCUSDT/G8UQI0Km-Bitcoin-Coils-Inside-a-Triangle-Is-a-Major-Breakout-Coming/
Which level do you think Bitcoin will reach first?
🟢 $63,680
🔴 $62,767
$BTC is currently trading near the Support Lines while forming a Symmetrical Triangle close to the upper trendline of the Descending Channel. Over the weekend, price action has remained compressed, suggesting that a larger directional move could be approaching.
From an Elliott Wave perspective, Bitcoin also appears to be forming a Contracting Triangle, which could complete Wave B and set the stage for the next Impulsive Wave. Price is trading near the key level of $63,345 inside the triangle.
I expect Bitcoin to break above the upper trendline of the Descending Channel and rise at least toward $63,400. If BTC successfully breaks the key level of $63,500, the bullish move could extend toward the Cumulative Short Liquidation Leverage zone.
🎯 First Target: $63,400
🎯 Second Target: Cumulative Short Liquidation Leverage($63,680-$63,550)
🛑 Stop Loss: $62,767
Key levels to watch: $63,345 – $63,500
Full chart with detailed levels and analysis here 👇
https://www.tradingview.com/chart/BTCUSDT/G8UQI0Km-Bitcoin-Coils-Inside-a-Triangle-Is-a-Major-Breakout-Coming/
Which level do you think Bitcoin will reach first?
🟢 $63,680
🔴 $62,767