BTCUSD Sets To Resume Its Uptrend After Price's Rejection At Discount

BTCUSD is set to resume its uptrend after the price’s rejection at a discount. On the daily chart, the market has had a long-term bullish trend. BTCUSD, however, dropped from the $31862.00 resistance due to selling pressure in the overbought area.

The most recent retracement’s movement was identical to that of the one before it. Given that the price moved significantly into the trading range’s discount zone, this suggests a potential continuation of the market’s upswing. The market is about to break out of its current trading range, which is indicated by the resistance and support levels of $31862.00 and $24750.00, respectively. BTCUSD is anticipated to continue extending upward in fractals as long as the new bottom of $25235.00 is not invalidated.

BTC Key Levels

Demand Levels: $24750.00, $19568.50, $15512.00
Supply Levels: $31862.00, $35418.00, $38974.0

Technical Indicators

On July 29, 2023, the Moving Average Period 18 crossed the Moving Average Period 40. This suggested that a discounting phase was about to enter the market. The MA Cross’ implications caused BTCUSD to fall until it reached the oversold area. BTCUSD is set to resume its upward trend as the RSI (Relative Strength Index) climbs out of the oversold area.

 

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 Ltd. ADVFN Ltd 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.

• 

  Tip TV

• 

  Alexander Evagora

• 

  Quoted Data

• 

  Neil Woodfine