Bitcoin at Critical Retracement Support

Bitcoin BTCUSD has pulled back to the Major 50% Retracement of the January rally at 20360. This is a key Support level that must hold to continue the bullish trend. Watch how price behaves at this level. If price holds the level (closes today above) and remains above then the bull case remains intact. If price closes below the level for 2 or more days the rally is over.

Using Ichomoku analysis the bullish trend is not yet broken as price has pulled back to the bottom of the cloud but not yet broken through.

This is a followup to the trend breakout that began January 12th as per my last post using Ichimoku to define the breakout.

Trade stängt manuellt:

The rally off the 20k 50% support was a success! Now price is stalling out and failing to break the 2023 highs. Two daily bars have failed to close above. This is a failed breakout.

If you are a trader... you take profit from the 20k support buy.

If you are an investor... you turn off DCA until the rally proves itself with a solid close above 27k or wait for a pullback to 20k once again.