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Bitcoin is currently testing the horizontal resistance zone of an ascending triangle on the weekly timeframe. This pattern suggests the potential for a significant price movement, as ascending triangles often precede breakouts.
The 21-day moving average is acting as a resistance level. A breakout above this moving average would indicate a bullish trend, likely leading to higher prices. $BTC
Conversely, if Bitcoin fails to break through the 21MA, it may result in a downward movement within the triangle, potentially revisiting lower support levels.
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