Bitcoin Breaks Bearish Structure - Bullish Time?

Our latest Bitcoin-focused technical analysis expected Bitcoin (BTC) to potentially break its bearish structure, which seemingly appears to be the case at hand. BTC closed above the $27,400 level and thus the price structure has turned bullish in the four-hour time frame. This shift of character signifies the end of the price correction phase.

4h - time frame

BTC/USD - 4 Hour Time Frame

BTC has witnessed strong buying pressure which created a fundamental shift in its structure when looking at the four-hour time frame. Yet, the validity of this change will only be certain during the cryptocurrency's next move.

One possibility is that the price will create an equally-strong, impulsive bearish move which would reflect renewed seller strength and invalidate the buy setup. In the event of a corrective bearish move, further buyer pressure will be more likely.

The current price correction has several attractive zones ahead which it can test, with one of them hovering by the $27,400 price-tag which represents the level of the previous structure and the price's imbalance zone.