BTC/USDT Analysis Update!
2024-10-16

Bitcoin is currently consolidating within an ascending triangle pattern, indicating potential bullish momentum. The price action suggests an attempt to break a crucial horizontal supply zone, which could act as a crucial hurdle for further gains.

The formation of an ascending triangle is typically a bullish continuation pattern, indicating the possibility of an upside breakout.

Bitcoin is testing a crucial supply zone, where sellers have been active previously. A decisive breakout above this zone would confirm the bullish trend.

Consider a long position on a confirmed breakout above the supply zone with strong volumes.

A stop-loss can be placed just below the lower boundary of the ascending triangle to manage risk.

Look for potential profit targets around the next resistance levels or key psychological levels. This setup needs to be monitored closely as market volatility could increase in the coming days.

Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed.

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@Peter_CSAdmin