Bitcoin Triangle Near Completion — Which Side Will Break First?
$BTC appears to be forming a Symmetrical Triangle on the 4-hour timeframe, which could also develop into a Contracting Triangle from an Elliott Wave perspective.
The next reaction around the lower trendlines of the triangle could be important for determining Bitcoin’s direction over the coming days and weeks.
From an Elliott Wave perspective, Point D of the potential Contracting Triangle could form within the Time Reversal Zone (TRZ) and Potential Reversal Zone (PRZ).
For this reason, the lower trendlines of the triangle should be considered an important support area. Bitcoin’s reaction around this structure could provide valuable confirmation about the next directional move.
If the triangle continues to develop as expected, Point E of the Contracting Triangle could potentially form near the key trading level of $63,950 and the Cumulative Short Liquidation Leverage ($64,720–$64,040) zone.
If bullish momentum becomes stronger, Bitcoin could extend the move toward the upper trendlines of the triangle before the pattern is completed.
On the downside, the Cumulative Long Liquidation Leverage ($62,450–$62,120) remains an important liquidity zone to monitor if the lower support structure fails.
Key Levels:
💡Key Trading Level: $63,950
🔴Cumulative Short Liquidation Leverage: $64,720–$64,040
🟢Cumulative Long Liquidation Leverage: $62,450–$62,120
What’s your view on Bitcoin? Which direction do you think BTC will ultimately break from this structure? #BTC Price Analysis#
$BTC appears to be forming a Symmetrical Triangle on the 4-hour timeframe, which could also develop into a Contracting Triangle from an Elliott Wave perspective.
The next reaction around the lower trendlines of the triangle could be important for determining Bitcoin’s direction over the coming days and weeks.
From an Elliott Wave perspective, Point D of the potential Contracting Triangle could form within the Time Reversal Zone (TRZ) and Potential Reversal Zone (PRZ).
For this reason, the lower trendlines of the triangle should be considered an important support area. Bitcoin’s reaction around this structure could provide valuable confirmation about the next directional move.
If the triangle continues to develop as expected, Point E of the Contracting Triangle could potentially form near the key trading level of $63,950 and the Cumulative Short Liquidation Leverage ($64,720–$64,040) zone.
If bullish momentum becomes stronger, Bitcoin could extend the move toward the upper trendlines of the triangle before the pattern is completed.
On the downside, the Cumulative Long Liquidation Leverage ($62,450–$62,120) remains an important liquidity zone to monitor if the lower support structure fails.
Key Levels:
💡Key Trading Level: $63,950
🔴Cumulative Short Liquidation Leverage: $64,720–$64,040
🟢Cumulative Long Liquidation Leverage: $62,450–$62,120
What’s your view on Bitcoin? Which direction do you think BTC will ultimately break from this structure? #BTC Price Analysis#