BTCUSD Keeps Declining as Price Crosses $28661.00 to the Downside

BTCUSD keeps declining as the price crosses $28661.00 to the downside. The market’s structure was previously bullish until the price began to crash alongside the falling trendline. The bullish trend commenced as the market bounced off the $15460.00 support in November 2022. The first impulse of the uptrend lasted for over ten weeks after the price hit the previous resistance of $24750.00. The selling pressure from the previous resistance of 24750.00 eventually dragged the price of Bitcoin into the discount zone. Following the retest at $19569.00 support, BTCUSD exuberantly swerved upward, marking the third impulse of the bullish trend. The course of the third impulse cleared the weak resistance levels until the price reached $31050.00. The bullish trend ended after the price barely breached the $31050.00 resistance.

 

BTC Key Levels

Demand Levels: $24750.00, $19569.00, $15460

Supply Levels: $28661.00, $31050.00, $36800.00

What are the Indicators Saying:

According to the MACD (Moving Average Convergence Divergence), the market’s structure has shifted to the downside. Similarly, the MA Cross also indicates that the market’s direction is bearish. Owing to the sell signal from both indicators, BTCUSD might keep declining for a long time.

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