BTCUSD Rally Faces Resistance and Consolidation, Signals Impending Downside

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

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.

 

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