A cryptocurrency analyst highlighted how Bitcoin traded inside the Triangle, which could result in a 15% move for the asset.

Bitcoin is potentially consolidating inside a symmetrical triangle

In the modern one post on X, analyst Ali Martinez talked about the technical analysis (TA) pattern that Bitcoin has been trading in recently. The pattern in question is the “Triangle”, which is a type of consolidation channel that, as the name suggests, is shaped like a triangle.

The pattern is characterized by two converging trend lines. The lower one is considered a likely support point for the price, while the upper one is considered a resistance point. Breaking any of these limits could mean a continuation of the trend in that direction.

Triangles can be of several different types depending on the orientation of the trend lines relative to each other and the chart axis. In an ascending triangle, the upper level is parallel to the time axis. Similarly, the lower level is parallel, which forms a descending triangle.

When both trend lines approach each other with approximately equal and opposite slope, the pattern formed is called a “symmetrical triangle”. The triangle shared by Martinez, where Bitcoin is traded, is the closest to this type.

Below is a chart showing the cryptocurrency’s hourly price trajectory inside the pattern at the time of publication.

As you can see in the chart, the hourly price of Bitcoin just before the post bounced off the lower level of the triangle channel. Since then, however, BTC has seen some decline that has brought it below the support line. This could be a potential indication that a breakout is occurring.

In the post, Martinez noted that Triangle could set a potential 15% move for the asset. This value is based on the fact that triangle breakouts are generally considered to ultimately have the same length as the channel height at the point where the trend lines are farthest apart.

If the recent price decline truly reflects a breakout from a pattern for Bitcoin, then this 15% move could likely result in a decline. Symmetrical triangles usually have an equal probability of breaking out in either direction because the upside and downside deflections are approximately equal. This time, however, it seems that a downward trend may be what awaits BTC.

BTC price

Bitcoin fell to $66,300 after falling over the past day.