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A major correction in BTCUSD looms as the price hits the $48240.00 supply zone. The current market sentiment remains bullish, showcasing resilience despite an ongoing period of long-term consolidation since early December 2023. This consolidation phase ensued following a substantial expansion in the discount zone.
On September 28, 2023, BTCUSD experienced an upward trend. This positive momentum has set the stage for the continuation of the bullish trend. The bullish outlook is reinforced by the market’s ability to overcome the challenges posed during the consolidation. As the trend persists, there is growing anticipation that the market will aim for the $52100.00 price level. However, pending the time the $52100.00 price level is reached, a major retracement is likely to occur. This is due to the price action at the $48240.00 supply zone after a high formed at $49.100.
BTC Key Levels
Demand Levels: $43100.00, $37800.00, $24900.00
Supply Levels:, $48240.00, $52100.00, $57650.00
What are the Indicators saying?
Analyzing the signals of the MA Cross provides insight into the market dynamics, supporting the notion of a sustained upward movement. The positive signals contribute to the overall optimism, suggesting that the market is poised for further upward movement. However, the Stochastic Oscillator currently shows that the market is overbought. This could lead to a major retracement to the discount zone before the bullish trend is resumed.
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