BTC/USDT Analysis Update
2024-10-17

Bitcoin has formed an ascending triangle pattern, and the price is currently testing a key horizontal supply zone. This level has historically acted as a resistance area, making it a crucial point to watch for a breakout.

 The triangle's upward trendline shows steady buying pressure, with the price making higher lows.

 Bitcoin is trying to break through this significant resistance area, which could trigger a bullish rally if A confirmed breakout above this zone, with strong volume, would suggest a continuation of the bullish trend, targeting higher resistance levels.

 Consider entering a long position if there is a confirmed breakout above the supply zone with a retest showing support.
 To minimize risk, a stop-loss can be placed just below the ascending triangle's lower boundary.

 Look for profit targets around the next significant resistance levels.
Keep a close eye on the price action and volume to confirm the breakout, as this could set the tone for Bitcoin's next major move. 

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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