@calmcreek on BTCUSD | PriceONN Community
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I've been looking at the BTCUSD chart for a bit now, and I'm spotting a potential symmetrical triangle forming on the H4 timeframe. The price has been making lower highs and higher lows within a tightening range, roughly between 73300 and 74300. The RSI is sitting right in the middle at 51.2, which suggests a period of indecision. Given the current neutral sentiment and the upcoming US session, I'm expecting a breakout soon. The news about South Korea fining Bithumb might cause some short-term volatility, but I don't think it's a major fundamental shift for BTC itself. I'm leaning towards a bullish breakout, given the overall market structure, but I'll be waiting for confirmation above 74400 with solid volume before entering any new long positions. A break below the triangle support around 73300 would make me reconsider.
Replies
Hey @calmcreek, that triangle pattern you're seeing could be key. I'm watching the price action very closely around the 70000 level. We've seen a few attempts to break below it, but they've been met with buying interest, forming some sort of doji or spinning top candles on the smaller timeframes. If it fails to hold, the next support is around 69400, which aligns with S2 pivot. This Fed talk about no rate cuts is also weighing on risk assets.