BTC - Testing Critical Support
2024-10-23

Right now Bitcoin is at a pivotal level. After the recent breakout above our red line of old resistance price is currently trying to flip it into a new level of support. If this retest is successful then Bitcoin will be able to increase to fight the $70k+ resistance levels, if price cannot hold this trendline, the upwards move could be delayed for some time as this would represent a fakeout.

Most likely price should hold here given our 4H RSI is at oversold conditions. I have outlined with green bubbles every time price has reached oversold conditions on the 4H and each time we have seen a bounce. 

No confirmation on the 4H yet, but be watching for the signs I have outlined above. 