Bitcoin can exit from triangle and then rise to 101K points
2025-02-16
Category: None

Hello traders, I want share with you my opinion about Bitcoin. Not long ago, the price reached a support level aligned with the buyer zone. It consolidated there for a while before climbing into a pennant formation. Inside the pennant, the price broke through the 95200 level and continued its rise toward the resistance level, which overlapped with the seller zone, eventually breaking through this area as well. Following that, the price advanced to the resistance line of the pennant but soon reversed direction, sharply dropping to the support line. It broke through this support, signaling an exit from the pennant pattern and surpassing the 104700 resistance level. After a minor decline, the price rebounded quickly, reaching the seller zone once more, before turning lower and forming a triangle pattern. Bitcoin slid down to the triangle's support line, then reversed and bounced upward, breaking the support level again in the process. This led to further declines, with the price eventually hitting the buyer zone. From there, it rebounded back toward the triangle’s resistance line. Currently, the price is trading close to this resistance line. In my view, Bitcoin can drop back to the support line before rebounding higher, potentially climbing to 101K points and breaking out of the triangle formation. Please share this idea with your friends and click Boost 🚀