Bitcoin slips below $69K as triangle/wedge pattern signals potential $82K breakout or $57K drop
Bitcoin dipped below the short-term $69,000 level on Feb. 16, 2026, while remaining close to that price. Technical analysis identifies an emerging bullish continuation pattern — observed as an ascending triangle or tilted wedge — with a measured upside target near $82,000 if price breaks above the pattern. A breakdown would open a downside target near $57,000. Analysts note a nearby unfilled CME gap around $84,600 that could attract upward price action. On daily charts, the lower trendline of a larger falling wedge has acted as recent resistance; the triangle is close to its resolution with only a few days left before a breakout is likely. Indicators are mixed: Stochastic RSI is at a potential rollover (bearish) while the MACD shows a bullish cross and early green histogram bars. On the weekly timeframe, major support remains intact with recent weekly candle bodies closing above support despite lower wicks; supports at about $65,000, $60,000 and a lower measured-move support near $53,000 were identified. Weekly Stochastic RSI is bottoming but the weekly MACD remains at very low levels, possibly setting up for a reversal. Traders should watch for a decisive breakout from the triangle/wedge, monitor the $69K-69.5K zone for confirmation, and consider the $82K upside and $57K downside measured targets. Risk management is advised given mixed indicators and potential volatility from CME gap dynamics.
Neutral
The article presents mixed technical signals that make an outright bullish or bearish call premature. Near-term price action shows Bitcoin slipping under the $69K short-term level, but the asset remains close to that zone and is contained within a converging triangle/wedge that historically leads to a decisive breakout in one direction. Bullish evidence: the pattern is structurally a continuation/ascending triangle or wedge with a measured upside target near $82K, a MACD daily bullish cross, and an unfilled CME gap near $84.6K that can attract buyers. Bearish evidence: stochastic RSI is topping and may roll over, the lower trendline of the larger falling wedge is acting as resistance, and a break below the triangle could target ~$57K. Weekly indicators are mixed — stochastic bottoming (bullish) but MACD at very low levels (still bearish momentum). Because indicators and timeframes conflict, the most prudent classification is neutral. For traders: expect increased volatility around the triangle resolution. Short-term trades should await confirmation (close above resistance or below support) and use tight stops; swing traders can size positions around measured targets ($82K upside, $57K downside) while monitoring CME gap activity and weekly momentum for longer-term bias shifts. Historical parallels include prior BTC consolidations in wedges/triangles that produced large moves once resolved, often accelerated by CME gap fills and macro liquidity events.