#BTCUSDT Analysis

Technical Setup:

Triangle Formation: The chart showcases a symmetrical triangle pattern formation. Such formations typically denote a period of consolidation before a potential breakout in either direction.

Important Levels:

Upper target is defined from the previous pivot/order block on the daily, situated at $37.7k. The Lower target is the previous consolidation area at around $30k and is riddled with smaller supports both from the current candle formation and important fibonacci levels.

VPVR: The Volume Profile Visible Range indicates substantial trading activity around our current levels, providing both support and resistance.

Candle Patterns: A few small-bodied candles within the triangle, suggesting indecision in the market.

SMALL CANDLES + LOW VOLUME + TRIANGLE FORMATIONS = WE WAIT FOR A CLEAN BREAK

Volume: A decreasing volume during the formation of the symmetrical triangle, which is typical. A breakout in either direction would surely be accompanied by a significant spike in volume.

Open Interest: Stable for now. An increase in open interest during a breakout would confirm the direction of the move.

Global Macro: Always be aware of broader market conditions and global news, especially pertaining to cryptocurrencies and regulations.

As of now, the main factors influencing the price of BTC is the war crysis in both the Middle East and Eastern Europe as well as the looming BTC ETF approval, any big news in this regard would likely move the price substantially.

As Bitcoin (BTCUSDT) consolidates within a symmetrical triangle, traders must remain vigilant for signs of a breakout in either direction. We defined trade setups and strategies for both bullish and bearish scenarios just waiting to post once relevant. As always, it's essential to adjust in real-time according to the evolving market landscape.

Personal bias: Bullish

Make sure you stay near your telegram, the break can happen soon!