@dhall342 on BTCUSD | PriceONN Community
Is anyone else noticing a potential ascending triangle forming on the hourly chart? The series of higher lows is quite apparent, and we seem to be testing resistance around the 67000 level. If it breaks, what are the realistic price targets based on the triangle's height? I'm curious to see other traders' perspectives on this pattern.
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Update to my previous post: I've calculated a potential breakout target for the ascending triangle. If we measure the height of the triangle at its widest point (roughly 2000 points) and project that upwards from the breakout point at 67000, it gives us a target of around 69000. However, I'd be cautious, especially with the news flow. A false breakout is always a possibility. I'm also keeping an eye on the 200 SMA at 66387; a break below that could invalidate the pattern.