BTCUSD confirms support at 53, resistance at 58

BTCUSD confirms support at 53, resistance at 58

I highlighted an area at January 2021 where we had a pullback and then a very strong push up into March. At that time, we hit ~58 and pulled back to ~44.

The difference here is that we crossed over the 50 Day EMA recently where we did not in January. However the same areas of resistance exist and in a time that the larger market has some concerns. This poses both opportunity and risk. A rejection at 58 and a bounce at 48 or along the trendline at that moment is more likely. Though we have shown previously that a breakdown can result in a multi-touch repair.