Bitcoin

<ul><li>Bitcoin&#39;s symmetrical triangle formation suggests a potential breakout to $108K target.</li><li>This formation has developed from August 5 with converging trendlines of support and resistance</li><li>Upcoming U.S. inflation data and Fed rate cuts could trigger Bitcoin&#39;s breakout.</li></ul>Bitcoin (BTC) is currently undergoing a critical phase of price consolidation, as noted by the prominent cryptocurrency analyst and YouTuber, Crypto Rover. He recently highlighted an imminent breakout in Bitcoin’s price, with a symmetrical triangle formation on the 6-hour chart, signaling a potential significant price movement in the near term. The formation, which has developed from August 5 to August 13, 2024, shows converging trendlines of support and resistance, hinting at a critical juncture for Bitcoin.The symmetrical triangle formation observed on <a href="https://cryptotale.org/bitcoins-58k-resistance-major-hurdle-or-breakthrough-ahead/" rel="noopener noreferrer nofollow">Bitcoin’s</a> chart is characterized by an ascending support line and a descending resistance line. This pattern indicates that the price is compressing, creating a potential setup for a breakout. Typically, symmetrical triangles can break out in either direction, influenced by the preceding trend. In this case, the upward movement leading into the triangle suggests a bullish bias. This pattern is often seen during periods of market indecision, where traders await key data or events to determine the next direction.<a href="https://cryptotale.org/btc-set-for-108k-move-post-symmetrical-triangle-formation/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

BTC Set for $108K Move Post Symmetrical Triangle Formation

CryptoTale

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