BTCUSD Begins a Short-Term Retracement as Price Resumes its Upward Trend

BTCUSD begins a short-term retracement as the price resumes its upward trend. The price rose dramatically from the support level of $19569.000, resulting in the development of a bullish order block at $2475.000. This rising trend persisted until mid-April 2023, after which there was a big pullback that lasted until the bullish order block was retested. After momentarily retreating as it entered the bullish order block, the price then began another climb.

 

A bullish divergence signal caused a recent uptick that was noticed in the discount zone. The increase caused a CHoCH (Change of Character), invalidating the previous high of $28184.000.

BTC Key Levels

Demand Levels: $24750.000, $22655.000, $19569.000
Supply Levels: $28661.000, $31862.000, $36800.00

What are the Indicators Saying?

When the direction of the price and the Stochastic Oscillator diverged, a surge occurred. The market needs to undergo a bearish correction, according to the Stochastic Oscillator. This is a result of the market being oversold following the price explosion in the discount zone. The Moving Average, however, shows that there are bulls in the market, suggesting that the impending drop may only last a short while.

 

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