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BTCUSD Continues Its Upward Trend as Major Resistance Levels Fail

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BTCUSD continues its upward trend as major resistance levels fail. A change of character to the upside occurred on October 2, 2023, after which the price returned to a bullish order block. Following the formation of the major low at $26520.00, the bullish trend became evident as the price surged upward. The price is steadily closing in on the significant milestone of $36150.00, major resistance, under the relentless onslaught of bullish momentum.

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Observing the consistent breaks of structures in the past few months, it is apparent that the bears are absent from the market. Owing to the current actions of the price, the BTCUSD pair is anticipated to continue its bullish momentum.

BTC Key Levels

Demand Levels: $31862.00, $28661.00, $24750.00
Supply Levels: $36150.00, $41020.00, $48240.00

BTCUSD Continues Its Upward Trend as Major Resistance Levels Fail

What are the Indicators Saying?

BTCUSD decisively broke out of the consolidation zone in October 2023. Price gained momentum as the RSI crossed the 50.0 level to the upside, thereby signaling strong upside potential. With both MA Cross and RSI indicators favoring the bulls, BTCUSD will likely surpass the immediate major resistance at $36150.00.

 

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