BTC at Pivotal Decision Point - What Next?!

23 Mar 2023

Here we are looking at BTCUSD on the Daily TF…

Currently, BTC is re-testing previous bull market support as resistance for the first time since breaking down back in June of 2022…

This is the most crucial moment of the bear market thus far, as this re-test will determine whether BTC is simply re-testing the scene of the crime after breaking down almost a year ago, or whether it’s switching gears and will continue on its current run up from its lows.

Being that BTC has just had a strong move up, I think it will have a lot of downwards pressure when trying to get into this zone. So far, BTC has tested the 28.5k zone and been knocked right back down to the mid to low 27K range.

For BTC to continue this trend, I am looking for a strong move above 30k, and for it to be able to hold that level as support for at least a week. While I don’t think that this scenario is likely (or more probable than a rejection), I will continue to monitor this chart for new developments, and I will update you as I see fit!

Are you trading BTC? Let me know in the comments what you think Bitcoin will do next!

Cheers!!