BTCUSD Declines Energetically as Price Breaks Relatively Equal Lows

 

Amidst the overwhelming buying pressure in the market, the bears appear to have taken control of the market. Owing to the recent invalidation of the relatively equal lows above the psychological level of $26500.0, more buyers are beginning to exit the market. However, while the price seems to be facing downward, the decline might only last intermittently due to the overall market trend. The overall market trend has been bullish since December last year.

Until recently, the MACD (Moving Average Convergence Divergence) has not successfully crossed the zero line to the downside. This implies that the market was completely dominated by the bulls until the $31050.0 resistance was hit.

BTC Key Levels

Demand Levels: $25289.0, $19569.0, $15460.0
Supply Levels: $31050.0, $37401.0, $48240.0

What Are the Indicators Saying?

The MACD (Moving Average Convergence Divergence) failed to pass the zero line downward in the second week of March 2023. This resulted from the price’s simultaneous rebound from the $19569.0 support level. The market’s current trading range is between price levels of $19569.0 and $31050.0. BTCUSD is currently bearish, as indicated by the MA Cross (Moving Average periods 18 and 40). The price is projected to continue falling until it reaches the 79.0% Fibonacci retracement level.

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