BTC - Price Retesting Parallel Channel

13 Mar 2023

This recent rally has brought us exactly back to our parallel channel. This is important as it could be old support flipped into new resistance (as shown with red/green arrows). We are also in that key zone of liquidity between $22.4-22.6k which could act as a local top for BTC. This also makes sense since our 4H RSI is exactly at overbought conditions. The only way this pattern would be negated is by closing and holding candles above 23.1k.