Bitcoin: Symmetric Triangle Breakout Signals a Move Higher

In today’s analysis, let’s take a closer look at Bitcoin, which for the past few weeks has been moving sideways. While this range-bound price action may have looked boring on the surface, the declining volatility was an important clue that the market was preparing for a stronger directional move. As volatility contracts, pressure builds—and that pressure usually resolves with a breakout.

Technically, this consolidation took the shape of a symmetric triangle, marked with blue trendlines. Both buyers and sellers were gradually narrowing the range, waiting for a catalyst. Today, we are seeing a breakout to the upside, which activates a short- to mid-term buy signal. This breakout suggests that buyers are finally gaining control after weeks of indecision.

The first natural target for this move lies just below the psychological $100,000 level. This area also aligns with the lows from the beginning of November, making it a technically strong magnet for price. As long as Bitcoin holds above the broken upper boundary of the triangle, bullish momentum should remain intact. A move back inside the triangle would weaken this signal, but for now, the breakout points toward a continuation higher in the short to mid term.

Source: https://www.axiory.com/analytics/technical-analysis/bitcoin-symmetric-triangle-breakout-signals-a-move