Bitcoin Begins a Correction Phase as Price Bounces off the 31050.0 Resistance

The market’s overall trend is bullish. The motive wave began after a flip to the upside from the 15460.0 demand zone. The first wave appears to be the longest leg of the ongoing trend. Typically, the shortest trend will likely be the fifth wave, since the third wave cannot be the shortest. Following the market structure shift as a result of the invalidation of the 21480.0 swing high, the bullish trend was confirmed. BTCUSD might still resume its bullish trend; however, this would be after the ongoing correction phase is completed. A pullback to the 50 percent grade of the bullish swing is anticipated first before a resumption of the ascent.

BTC Key Levels
Demand Levels: $25289.00, $19569.00, $15460.00
Supply Levels: $31050.00, $32933.0, $37401.0

What Are the Indicators Saying?
Throughout the extension of the third wave, the MA Cross showed that the market was bullish. As of now, the MA Cross has signaled a sell signal. This confirms the beginning of the correction phase as the price heads downward. In a similar manner, the Relative Strength Index (RSI) also shows that the price is heading downward. This happened as it flipped bearish after reaching the oversold state.

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