BTCUSD Faces Major Correction Amidst $46000.00 Resistance Pressure

BTCUSD faces a major correction amidst $46000.00 resistance pressure. The current state of the market reflects a notable retracement as BTCUSD heads toward a major low at $40150.00. Despite this ongoing correction, there remains an optimistic outlook for BTCUSD, poised to resume its upward trajectory around the $40150.00 mark. The ongoing rally is characterized by a resilient upward movement. The overall trend has been in play since a significant period of consolidation that began in September 2023. In September 2023,

BTCUSD experienced an upward surge, which set the stage for optimism among the bulls. This positive momentum paved the way for anticipation regarding a potential push into the $46000.00 supply zone. The price action around the $46000.00 supply zone, particularly after reaching a high of $49100.00, resulted in a turn-around to the downside. The ongoing downtrend is likely to end after a sell-side liquidity grab below the $40150.00 low.

BTC Key Levels

Demand Levels: $37800.00, $31900.00, $24900.00
Supply Levels: $43100.00, $46000, $52100.00

What are the Indicators Saying?

Both the Moving Average Cross and the Stochastic Oscillator indicate that the current direction of the market is bearish. The bearish move is likely to persist until the invalidation of the $40150.00 low. This anticipation is grounded in the market becoming extremely oversold, as indicated by the Stochastic Oscillator.

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