BTCUSD Begins a Reversal as the Final Wave Truncates below $45000.00

BTCUSD begins a reversal as the final wave truncates below $45000.00. Bitcoin (BTCUSD) is exhibiting intriguing dynamics, signalling a potential reversal in its recent trend. The initial wave of this surge peaked at the previous resistance of $37800.00 after the indication of a bullish divergence in September 2023. At $34760.00, the uptrend resumed with increased momentum.

Owing to the increase in buying momentum, BTCUSD experienced a notable rally to $45000.00. A higher-high failed to form above the $45000.00 previous high. The truncated final wave below $45000.00 introduces a possibility for a reversal to the downside. Invalidation of the previous low at $40150.00 is likely to cause a massive crash into the $37800.00 demand zone.

BTC Key Levels

Demand Levels: $37400.00, $31900.00, $24900.00
Supply Levels: $43100.00, $46000.00, $52100.00

What are the Indicators saying?

In October 2023, the bullish momentum, which gained traction following a notable bullish divergence, was identified by the Stochastic Oscillator. The trend’s resilience was further underscored by the Moving Average (MA) Cross, providing added confidence to the bulls. However, the MA Cross is contrasting as the Stochastic Oscillator falls from the oversold state. This indicates impending bearishness, though for a relatively short period.

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