#BTC #TraderEducation
Analysis:
Falling Wedge Pattern:
The price has been consolidating within a narrowing range, forming lower highs and lower lows.
This pattern typically precedes a breakout to the upside.
Potential Breakout:
If BTC breaks above the upper resistance line of the wedge with strong volume, it could signal a bullish move.
Targets could be previous resistance levels, with immediate resistance around $71,000.
Support Levels:
Immediate support is around $55,376.23, providing a potential entry point if the price dips.
Trading Strategy:
Entry: Consider entering a long position if BTC breaks above the wedge's resistance with high volume.
Stop-Loss: Place a stop-loss below the recent low within the wedge to manage risk.
Targets: Set initial targets at $65,000 and $71,000.
By monitoring the price action and volume around the wedge's resistance, traders can identify potential entry points for a bullish breakout.
