BTCUSD in the format of correction reaches the key support level of 25400, which was formed on the high timeframe and plays an important enough role. A false breakout is formed and within the "Wedge" pattern we see a strong strengthening towards the resistance figure. The coin on the high timeframe makes a false break-down of the key support and is in the testing phase of the 200-week moving average. A false break-up and the consolidation of the price above this line will form a strong potential that can lead to a strong rally.
The price is in the green zone at the moment. After the strong rally we saw in spring, a prolonged correction in the cryptocurrency market is quite normal reaction. In the medium term, I will expect further growth.
The bulls are keeping the price above key support levels for now.
We continue to follow the bulls.
Support levels: 25400, lower boundary of the wedge, SMA-200
Resistance levels: 27600, SMA-50, upper boundary of the wedge
I expect that the price can pull back down from the level of 26700, but the next retest of the wedge resistance can break this boundary and the market can form an active growth towards the key resistance and liquidity zones.
Regards R. Linda!
Note
Technical and fundamental fundamentals have a positive effect on price formation.
A breakout of local resistance activates a rally. The price is testing 29400. There is a chance that the price will hit 30500 soon.
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