BITCOIN pumped up massively from $22500 towards the $23500mark. 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. We anticipate the market to further break the resistance towards the 25000 as the impulse move.

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 78% 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 the neutralized region at 50. This needs to be neutralized at the levels of the 50, in confluence with the technical factors of the chart. On the other hand, we need to have the market at the support level and RSI at the over sold region, as to be formed as a bullish divergence.

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

Bitcoin ranging for bullish move

Feb 04 2023

Stop Loss -3.15%

Holding time 18hr

22496.60

Entry price

21788.60

Stop loss price