BTCUSD Poises to Decline as the RSI Exits the Overbought State

Several days after the expansion of the price to the upside, the market remained in a consolidation phase. However, the consolidation phase appears to be coming to an end as the RSI (Relative Strength Index) heads downward. Typically, the market’s overall trend is bullish. Prices have been algorithmically creating higher highs and higher lows for a long time.

In March 2023, BTCUSD crashed into an oversold region as it went ahead to hit the major trendline. The price rose from the oversold region while creating a bullish order block along its path. The bullish order block was later used to propel the price upward on June 16 in order to resume the market’s bullish trend. A decline to the discount zone is now expected as the price poises to retrace downward.

BTC Key Levels

Demand Levels: $25290.00, $19570.00, $15460.00
Supply Levels: $31050.00, $39112.00, $49268.00

What Are the Indicators Saying?

The Simple Moving Average is about to cross over to the right. This suggests the possibility of a decline ensuing any moment from now. The RSI (Relative Strength Index) is also heading downward. This implies that BTCUSD is now recovering from its overbought state.

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