BITCOIN pumped up massively from $18000 towards the $20800 mark. This pump up formed the higher highs and higher lows on the pair for bitcoin and the market needs a corrective move towards the resistance turn support region from where we will buy BTC for another bullish leg up. The price for this would be at $19000. 

The descending trendline has been broken out for buys and has been validated by the price action for this breakout.

The retracement level is at the confluence with the support level. This retracement level is at 61.8% and has formed a demand zone including the support level.

The EMA 50 has turned bullish and market needs a retest at the support level. EMA 50 may or may not be retested by this support level as the there is still a gap in the market being tapped.

RSI is at over bough region at 89. This needs to be neutralized at the levels of the 50, in confluence with the technical factors of the chart. 

Trend shift in Bitcoin

Vasl Capital

Jan 14 2023