Can Bitcoin Break Out Again??

Bitcoin has retraced from our level at 23.9K, which was a strong resistance level that we identified yesterday. Recall that we also said that it would be unlikely for BTC to break through this level and that we would likely find support at 22.4K. This is exactly what happened and BTC is currently maintaining a narrow range between these two levels. The level 22.4K is the upper bound of a previous range so if we break through this we will likely return to the previous value area between 18.6K and 22.4K.