ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

BTCUSD Rally Faces Resistance and Consolidation, Signals Impending Downside

Share On Facebook
share on Linkedin
Print

BTCUSD rally faces resistance and consolidation, signaling an impending downside. The second bounce off the rising trendline sparked a considerable rally, driving BTCUSD to the notable price level of $35000.00.

©

Prior to the attainment of $35000.00, BTCUSD had formed a bullish order block around the $30000.00 psychological level. The impulsive momentum witnessed a decline as BTCUSD encountered challenges in maintaining its expansive trajectory after surpassing the $35000.00 price level. Notably, the current market scenario reflects a phase of consolidation, where the price struggles to sustain its upward momentum. Apparently, a massive crash to the downside is likely to ensue as the market fails to break the $37400.00 resistance. The ongoing consolidation within the triangle pattern is another price action that could trigger the impending crash of BTCUSD.

BTC Key Levels

Demand Levels: $31860.00, $28470.00, $24900.00

Supply Levels: $37400.00, $43110.00, $48240.00
BTCUSD

What are the Indicators saying?

The MA Cross shows that the market is in a bullish environment. However, the MA Cross is currently contracting as the market experiences a consolidation within the triangle pattern. BTCUSD now shows reluctance to exceed the $37400.00 resistance as it forms a relative equal higher at the $38000.00 psychological level. This reluctance is likely due to the market’s overbought state, as indicated by the Stochastic Oscillator.

 

Learn from market wizards: Books to take your trading to the next level

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).

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 Plc. ADVFN Plc 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.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: 1-888-992-3836 | help@advfn.com