📈 Bitcoin price is in a critical zone and its reaction in the coming days will determine the direction of the market in the coming weeks. On the daily chart, the price broke the 50-day moving average and surpassed the $27,500 resistance level. However, the 200-day moving average was rejected at $28,000 and retreated to the $27,500 level.
🔍 Examining the 4-hour chart, it can be seen that the price surpassed the $27,500 resistance level after breaking out of the major falling wedge pattern. It is currently retesting this level and if the pullback is valid, the market could be preparing for a rally to $30,000. Otherwise, if the pullback fails, the recent move could be considered a false breakout and could lead to a rapid decline to $25,000 and below.
🔍 Examining the 4-hour chart, it can be seen that the price surpassed the $27,500 resistance level after breaking out of the major falling wedge pattern. It is currently retesting this level and if the pullback is valid, the market could be preparing for a rally to $30,000. Otherwise, if the pullback fails, the recent move could be considered a false breakout and could lead to a rapid decline to $25,000 and below.