$BTC recently broke down from a rising wedge pattern on the 6 hour chart, indicating a potential shift in trend. The price found support at the 200 period Moving Average (MA 200), which is a key level that often acts as a floor for the price.

Currently, MA 100 is acting as the key resistance level. This means that Bitcoin is facing difficulty moving higher above this level, and it needs to break through MA 100 to confirm bullish movement.

What to Watch For:

Bullish Confirmation: If Bitcoin breaks above the MA 100, it could signal a continuation of the uptrend. This breakout will provide the market with a clearer bullish signal.

Bearish Rejection: If the price gets rejected at the MA 100 it might face a decline and test lower support levels, possibly near MA 200 again.

Key Levels to Watch:

Support Level: MA 200 (around the lower side of the chart) where the price could find support again if the decline continues.

Resistance Level: MA 100 which is the current barrier preventing further price increase.

Buy Zone:

If the price breaks above MA 100 with strong momentum, a buy zone could be established around the breakout point. Watch for a clear close above MA 100 to enter long positions.

Target:

Once Bitcoin clears MA 100 and sustains its upward momentum, the next target could be the previous highs or the next resistance zone. Keep an eye on the next potential resistance level, which could be around $39,000 to $40,000.

Stop-Loss:

If you enter a trade after the breakout above MA 100, a stop-loss can be set just below the MA 100 level or near MA 200 to protect against a false breakout or reversal.

Final Thought:

Bitcoin is at a critical level right now. If it manages to break above MA 100, expect a potential rise. However, if the rejection happens, prepare for possible downside movement. Always trade with caution and manage risk carefully.

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