BTCUSD Finally Hits the Bullish Order Block at the Discount Zone

BTCUSD finally hits the bullish order block at the discount zone after several weeks of decline. The decline began after a BOS (Break Of Structure) at $31050.00 to the upside. According to the RSI (Relative Strength Index), it barely passed the 50.0 level to the upside between mid-April and mid-June 2023. This was a result of the bearish impression of the market as it sank downward after the $31050.00 high formed.

However, the overall market trend has been bullish since the invalidation of the $25289.00 high in March 2023. The invalidation was followed by the failure of the previous resistance of $24750.00 to resist the upward expansion. During the recent BOS in June 2023, a bullish order block formed at the $26000.00 psychological level. The order block is likely to cause the resumption of the uptrend since the overall trend still remains bullish.

BTC Key Levels

 

Demand Levels: $24750.00, $19568.50, $15512.00
 Supply Levels: $31862.00, $37161.90, $40000.00

Technical Indicators:

The direction of the Moving Average suggests that BTCUSD is in a bearish move. However, the bearish move might end soon as the market reacts to the bullish order block. Moreover, the Relative Strength Index indicates that BTCUSD is currently oversold. The market will likely resume its uptrend from here as the price leaves the discount zone.

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