BTM Triangle Squeeze: Watching for Breakout Above TrendlineBitcoin Depot Inc. (BTM) is setting up for a potentially explosive move as price action consolidates within a tightening triangle pattern. After a strong rally from mid-May, BTM found consistent support along an ascending trendline, recently bouncing and holding above this key area.
Currently, price is pressing up against a well-defined descending breakout line. A clear break and close above this trendline could signal the start of a new bullish leg, especially with analyst price targets near $7.00 suggesting further upside potential.
My Trade Plan:
Entry: Watching for a confirmed breakout above the descending trendline, ideally on higher volume.
Target: Analyst price target at $7.00, with potential for further extension.
Stop: Below the ascending support line or recent swing low to manage risk.
This setup shows strong momentum and a classic technical pattern. As always, I will wait for confirmation before entering, and will manage risk accordingly. This is not financial advice—please do your own research before trading.
