Lingrid | BITCOIN forming Trend Continuation PATTERN
2024-10-28

BINANCE:BTCUSDT  is forming a triangle pattern after breaking through the downward channel on the daily chart. This pattern typically indicates a continuation of the current trend. It’s important to note that this pattern is developing just below the psychological level of 70,000, suggesting that the market may be preparing for a breakout. The previous weekly candle is a long-tailed bar, which also indicates a potential upward movement. This week, pay attention to the monthly candle closure, as it will give a hint into future price action; a close above the September high could be particularly significant. I expect a pullback and a potential fake breakout of the triangle pattern, followed by a retest of the ATH level. My goal is resistance zone around 72,000.


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