BTC - Testing a critical level

Jan 20, 2023

Right now BTC is at either a continuation or pivot point. I personally think we are at a pivot point seeing the trend exhaustion based on multiple different indicators, but lets outline what is going on. After breaking down from our rising wedge price is currently retesting old support as new resistance (shown by green and red circles). Thus this could be a pivot top for the short term if bears are able to suppress price here. If we start closing candles above $21,800 we could have a continuation leg higher to our key zone of 24-25k.