🍓5/21 Midday Bitcoin Outlook

Before the current triangle breakout, Bitcoin staged a typical false breakout with a trap: the price briefly pierced 77379, deliberately creating the illusion of a breakdown, enticing bears to chase in, then quickly pulling back and forming a hammer line, directly confirming 77379 as strong support. This shakeout was extremely precise.
Although it broke above the triangle range, it failed to hold above the key resistance of 78324 and then started to retrace. The current key focus is on the 77379 support:
• If it retraces and holds this level, maintaining range-bound consolidation, it will still aim for 78324 later; a breakout is only a matter of time;
• Once effectively broken below 77379, the market will return to oscillate inside the triangle; if it further breaks below the triangle’s lower boundary, it will deeply test the 76000 support level.
From a pattern perspective, a bearish butterfly pattern has formed inside the triangle, with point D at 79500 representing a potential bullish reversal zone. This position is an excellent left-side semi-accumulation short entry point, ideal for capturing a deep correction.
Trading suggestions:
• With volume, break above and hold 78310, follow the trend to go long, with hourly targets of 79465‑80265. Before breaking this resistance, bullish momentum will be difficult to sustain;
• With volume, break below 77340 and fail to rebound, follow the trend to go short;
• On the 4-hour chart, a confirmed break below 77155 will open the downside space, targeting 76128‑75272.