BITCOIN pumped up massively from $20660 towards the $23000mark. Market has started to form higher highs and higher lows with the trend being bullish now. The upscale has been determined by the breakout of the resistance which has now turned support at the price of $22500.

The resistance trendline has been broken out for buys and a retest is due at the support level.

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 57. This needs to be neutralized at the levels of the 50, in confluence with the technical factors of the chart.

We are still waiting for the market to tap the support level.

Bitcoin support at 22,500

Jan 28 2023