OCT 16: Bitcoin 4hr Analysis: $BTC give breakout at $26950 in 4 hr after 24 candle.

However, the chart shows a new rising wedge pattern with support at $26,789 and resistance $27200. Any closing below $26789 will trigger a retest of $26,500 and might open the door to a bearish target of $25,000 next week.

On the other hand, a close above $27,200 will be bullish and may open up $28,000 as the first target for scalpers. The key factor here is the choice of the time frame for trading.

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