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BTCUSD has been experiencing a bullish order flow for over six months; however, indications of a necessary correction are emerging. Despite this, a significant downward spiral is not expected, as the major rising trendline is acting as a diagonal support. On March 11, 2023, a major reversal occurred as the price hit the rising trendline. This reversal was followed by a bullish Marubozu candlestick on the daily chart, indicating strong buyer presence.
Subsequently, the market witnessed a substantial rise into the $31,050.00 supply zone. However, a bearish correction ensued from this supply zone, leading to another bounce off the diagonal support and a retreat back into the $31,050.00 supply area.
Key Levels for BTC
Demand Levels: $25,290.00, $19,570.00, $15,460.00
Supply Levels: $31,050.00, $39,112.00, $49,268.00
Analysis of Indicators
Given that the primary trend of the market remains upward, any downside breakout from the Bollinger Bands is likely to be short-lived. The Relative Strength Index (RSI) suggests that selling pressure may be approaching due to the prolonged bullish phase. As BTCUSD consolidates below the $31,050.00 supply zone, the Relative Strength Index (RSI) indicates that the price has become highly overextended.
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