Chart of the Day - Monday, April 10th, 2023

Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). Bitcoin reached a 10-month high today around $29k. It peaked in November 2021 around $65k and dropped more than 75% over the next year. It found support around $15k at the end of last year, just after FTX blew up and Tom Brady abandoned his laser eyes. It might sound funny, but laser eyes have been an excellent contrarian indicator for Bitcoin. Brian points out that it's currently at a potential inflection point as it tests the AVWAP from the peak (black line). This AVWAP acted as resistance last April, but the current attempt looks more constructive as price has been consolidating just below it for the past four weeks. This consolidation below resistance has given buyers more time to absorb the overhead supply at these levels. Either way, this is a major test for Bitcoin after rallying 100% in less than six months.