BTC Begins a Consolidation After Several Weeks of Bullish Expansion

The market for BTCUSD has been experiencing a rally, fluctuating within two transversal lines that primarily serve as support and resistance levels. Before the event on March 9, 2023, BTCUSD encountered significant diagonal resistance. This resistance led to a sudden increase in selling pressure, resulting in a substantial decline in sell-side liquidity. The induced selling pressure trapped BTCUSD sellers as the price eventually broke below the $19570.00 demand zone.

Following this event, the overall bullish trend resumed after a rebound from the $19570.00 demand zone. However, a hesitant decline from the $31050.00 price level to the $25290.00 price level was observed, leading to a significant expansion in price movement. Currently, the price of Bitcoin is trading within a range, indicating a corrective phase may be imminent.

 

BTC Key Levels

Demand Levels: $25290.0, $19570.0, $15460.0
Supply Levels: $31050.0, $39112.0, $49268.0

What Are the Indicators Saying?

In April 2023, the price experienced a minor decline despite the overbought signal shown by the Relative Strength Index (RSI). This decline was mitigated by strong buying pressure from the discount zone. However, the current RSI indicating an overbought state suggests a potential decline is likely. Furthermore, the Moving Average is also signaling a possible downward break in the price soon. These factors combined indicate a possibility of a decline in the market.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Ed Liston

• 

  ADVFN News

• 

  Capital.com

• 

  Peter Gold