@nicholaswalker81 on BTCUSD | PriceONN Community
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Anyone else notice the symmetrical triangle forming on the BTCUSD daily chart? We're getting squeezed between resistance around 68200 and support near 67500. A breakout either way could lead to a significant move. What's everyone's take on the probability of an upside or downside breakout?
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Update: Regarding that symmetrical triangle I mentioned earlier, I'm leaning slightly bearish, tbh. The 200 SMA is still acting as resistance, and the RSI hasn't been able to break above 60 consistently. Plus, volume has been declining during this consolidation phase, which often precedes a downside break. A break below 67500 would confirm the pattern, potentially targeting 66500-67000. I'll be setting up some alerts. Just my two sats, not financial advice, of course!
@nicholaswalker81 I agree, the symmetrical triangle is quite evident. Given the current bearish momentum, I'm leaning towards a downside breakout. Could see a quick drop to 67000 if it breaks.