BTCUSD Flips Bearish as Price Hits Diagonal Resistance

The bounce off the $31050.00 supply zone resulted in the formation of a diagonal resistance. Following the third comeback, more sellers were finding opportunities in the market, which intensified the selling pressure. Although the market is moving in a downward direction, the selling momentum is not as powerful as the prior buying enthusiasm. This suggests that the market has a propensity to turn back upward as soon as the bulls reenter the market.

On the other hand, the response at the $15460 price level suggests that the general trend has been optimistic. Demand and supply levels of $19570.00 and $31050.00, respectively, define the market’s current trading range. As it drags, the market appears to be moving into the trading range’s discount.

BTC Key Levels

Demand Levels: $25290.0, $19570.0, $15460.0
Supply Levels: $31050.0, $37400.0, $48240.0

What Are the Indicators Saying?

The MACD (Moving Average Convergence Divergence) broke the zero line to the upside on March 14, 2023. This was a reaction to the price’s increase as the bulls left the discount zone and entered the market. On May 9, 2023, the MACD, on the other hand, breached the zero line to the downside. As the price is positioned for a correction phase, this suggests that the bulls are taking a portion of their gains.

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