EXPANDING TRIANGLE PATTERN ⟶ IS #BITCOIN ABOUT TO DROP?
2024-10-05

Bitcoin Analysis Summary #Bitcoin
1-Hour Time-Frame ⏰

In the previous analysis, we suggested the possibility of a temporary rise after #Bitcoin hit the monthly support (60774.50). Despite #Bitcoin’s growth from this support, the rise was sluggish 📈, reducing the chance of a larger bullish move.

This sluggish rise might be part of a larger pattern, potentially an expanding triangle 📐. The triangle could lead to another strong bearish move, taking Bitcoin toward the lower boundary, aligned with the weekly channel's mid-line (previously mentioned in past analyses).

Bearish Trigger Based on Expanding Triangle:
If the rise is limited, a reversal could start from one of the resistance zones:
🔻 62486.01-62408.45 (previous high)
🔻 62837.00-62894.30

At these levels, there's a chance of forming double top, rising wedge, MACD divergence, or reversal triangles before the decline. (Pattern schematics are shown on the chart.)

If these patterns don’t appear, a 15-minute time-frame breakout below support 61677.70 would confirm the drop.

