BTC futures is currently posting a gain of $2300 (6.76%) as of 3:20 PM Eastern Standard Time. It is currently trading above a resistance trendline that it had moved above intraday on Friday of last week and Monday but was unable to hold and close below on both occasions.

ßitcoin seems to have found at least short-term support at our first of three likely pivot points that make up the three most probable places for the current triangle pattern to find a bottom.

BTC futures are trading within an asymmetrical triangle, this pattern is relevant now and could continue to define price action until the current correction concludes. The left side of the triangle is drawn by connecting the high of December 11, 2022, the all-time high on January 8, 2021.

BTC has been on the decline for the past two weeks after hitting a new record high of $42,700 on the CME’s most active futures on January 8^th. Today the selling pressure continued currently trading $1,815 lower at $34,780 nearly a 5% decline for the day.

With the volatile week coming to a close BTC has seen a weekly price range only dwarfed only by last week’s $15,000 trading range. The major difference of course is this week’s large-bodied candle is red signaling a decline for the week. It seems as though BTC is indeed at a tipping point and is entering a corrective period that will intensify should BTC not hold above $30,000.

Instead of going over the current wave count, I find it more relevant and noteworthy to cover a few Fibonacci harmonics in BTC which may very well mark the end of the current rally, and if a correction is to follow where that correction could take us to.

With 2020 finally over a lot of things are pointing to the possibility that BTC’s rally is also coming to a wrap. The majority of the technical studies that are predicting the end of this rally or at least this leg of it come from Fibonacci extensions and wave theory.

With so many investors of all scales buying into the world’s largest digital currency it was exactly what Bitcoin needed to reach today’s future price of $29,185, putting Bitcoin up 300% on the year.

Bitcoin saw an explosion of growth in terms of its price over the holiday weekend most notably the day after Christmas where spot markets saw a nearly $2,000 increase. This weekend rally caused a massive gap in the CME’s futures chart of nearly $3,000 to appear upon opening today.

With a higher number of the investment community eyeing Bitcoin through a bullish lens than ever before, do the technical back up their sentiment?