Bitcoin Experiences Bearish Shift

Bitcoin’s seemingly random price movements have been effectively delineated by trendline borders. A recent price test of the resistance boundary, indicated by the Stochastic oscillator, triggered a notable price decline. Following this, the price was retraced to test the last bullish order block, which now functions as a bearish breaker block. This test has intensified selling pressure, leading to further price depreciation.

 

Bitcoin Key Levels

Demand Levels $59,209.00, $54,839.00, $51,683.00
Supply Levels: $63,814.00, $70,016.00, $73,794.00

What Are the Indicators Saying?

Since May, every ascent within the bearish channel has tested the lower Bollinger Band, occurring four times from the support trendline. During these instances, the stochastic oscillator indicated oversold conditions, creating a confluence for potential long trades. Currently, the oversold signal from the Stochastic is attributed to a test of a bullish order block along the downward trend, which has the potential to halt the ongoing price decline. Bitcoin has yet to resume its major bullish trend that began at the start of the year. A bullish breakout from the bearish channel would signal a strong possibility of a resumption of this bullish correction. As it stands, the market remains in a prolonged correction phase.

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