BTC - Did NOT Confirm Breakout

15 Mar 2023

After our recent price pump we were watching for BTC's price to close a daily candle above 25.2k to confirm the breakout to $28-30k. This did not happen and instead closed the daily candle as a bearish shooting star reversal pattern. We can also see that all the candle bodies on the daily have closed below 24.8k (red horizontal line). We can not expect a breakout until we start closing daily candles above that price point. Also on our RSI we failed to break the important 63 level (red horizontal line). This leads me to believe we will get another retracement. Please let me know your thoughts in the comments below.