BTCUSD Continues Its Downward Retracement as Selling Pressure Increases.

BTCUSD’s downtrend persists with increasing selling pressure after reaching the $21,366.00 low on March 9, 2023. A significant uptrend followed this low, characterized by enthusiastic buying from BTCUSD investors, leading to the break of weak resistance levels. The price continued its rally without major retracements until it reached the $31,050.00 supply zone. During the rally, a consolidation phase occurred around $28,000.00, forming an equal low (EQL) at the $26,980.00 price level.

Following the price’s move away from the $31,050.00 supply zone, a falling trendline emerged, marking the first substantial downside retracement since the uptrend began. On June 15, 2023, buying pressure from the $24,750.00 level caused the price to rise, leading to a resumption of the uptrend. However, BTCUSD is currently encountering resistance around the $31,050.00 level, resulting in a move towards the discount zone.

BTC Key Levels:

Demand Levels: $24,750.00, $22,654.00, $19,570.00
Supply Levels: $31,050.00, $35,000.00, $39,112.00

Technical Indicators:

Based on the MA Cross, the Moving Average Period 18 is on the verge of crossing below the Moving Average Period 40. Similarly, the Moving Average Convergence Divergence (MACD) is about to cross below the zero line. These signals suggest that the market is likely to remain bearish until the price descends further into the discount zone.

 

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Azeez Mustapha

• 

  Zak Mir

• 

  Jekyll & Hyde

• 

  Currencies Direct