BTCUSDT: Ascending triangle waiting for breakout!
2024-10-15

BTCUSDT is forming a very clear ascending triangle pattern on the daily chart, with successively lower highs and higher lows, indicating that buying pressure is gradually increasing as the price approaches a strong resistance zone.

According to the price patterns, BTCUSDT is likely to continue to fluctuate within this triangle, with short-term corrections. However, a breakout from this triangle pattern is expected, and if the price can break the resistance level of 68,000 USDT, a strong rally could push the price towards new highs in the 70,000 - 74,000 USDT zone.

Trading strategy:
Buy around the 62,000 - 63,000 USDT zone, where there is a confluence between the EMA and the triangle support.
Take profit at 68,000 - 70,000 USDT if the price breaks the resistance, and continue to hold until the price moves up to 74,000 USDT. Stop loss if the price closes below 57,000 USDT to preserve capital in the deep decline scenario.