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BTCUSD remains within a consolidation zone, with market participants eagerly anticipating a potential breakout. The market has been in this consolidation phase for a period of over four weeks. Despite the overall bullish trend, there are indications that a downside breakout may occur.
Notably, BTCUSD has experienced significant rallies in recent months, favouring the bulls. A pivotal point in this upward movement can be traced back to the reversal from the $19570.00 demand zone. The price displayed respect for this demand zone after a sudden decline into the discount zone. Consequently, a substantial rally ensued, altering the market’s structure in a positive direction. However, this rally eventually encountered resistance at the $31050.00 supply zone, preventing a successful breakout from the zone. At present, the price is hovering just below the $31050.00 level, with the bears attempting to assert control over the market.
Key Levels for BTC
Demand Levels at $25290.00, $22654.00, $19570.00
Supply Levels at $31050.00, $35000.00, $39112.00.
Analysis of Indicators
When analyzing the indicators, the MA Cross suggests that the overall trend remains bullish. On the other hand, the Stochastic Oscillator signals that the price is currently at a low level. This observation raises the possibility of the price either retracing to the resistance of the consolidation range or breaking upwards beyond the consolidation range.
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