BTCUSD Price Approaches the Discount Zone

BTCUSD is currently bearish as the market remains in a correction phase. The bullish cross by the Moving Averages in January 2023 further elongated the emerging uptrend to the upside. The price was driven upward until a swing high formed around the $24750.00 psychological level. Following the formation of the swing high, BTCUSD crashed massively as the price retraced into a liquidity void. On March 12, 2023, a bullish Marubozu candlestick formed after the formation of a reversal candlestick pattern. From the $19568.50 low, the price of BTCUSD rose expansively as it kept breaking resistance levels.

However, the expansive move ended as the market entered an overbought region. The market crashed downward, forming an STH (Short-term High) at $28473.90 during the decline. On June 16, 2023, another reversal occurred as the price continued its bullish trend. The $28473.90 short-term high was invalidated as the price heads to hit $31862.20 resistance.

BTC Key Levels

Demand Levels: $24750.00, $19568.50, $15512.00
Supply Levels: $31862.00, $37161.90, $40000.00

Technical Indicators:

According to the MA Cross, BTCUSD is now bearish as the market remains in a correction phase. The RSI (Relative Strength Index) is also now below the 50.0 level as the price approaches the discount zone. However, the RSI indicating an oversold state at the same time as the discount zone is reached is likely. This might therefore result in a massive expansion to the upside.

 

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