BITCOIN Will it respect the 3-year Pivot Zone?

Bitcoin (BTCUSD) had a strong rejection last week shortly after breaking Resistance 1 (48400), which was the high of the March 28 2022 1W candle. That is technically strong enough to initiate a medium-term pull-back on its own. The correction bias get even stronger though if we consider the 3-year Pivot Zone which has been relevant since January 11 2021, initially as a Support (held numerous times, see green circles) and later as a Resistance (red circles).

A potential test of even the top of the Zone would bring the BTC as close as possible to the 1W MA50 (blue trend-line), which would be a healthy medium-term correction before the next parabolic rally starts. The next Resistance is the 68900 All Time High (ATH) and obviously our next long-term Target.

But what do you think? Will Bitcoin give us this pull-back buy opportunity? Feel free to let us know in the comments section below!

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