Bitcoin Navigates Consolidation Phase

Bitcoin finds itself ensnared within a consolidation phase, oscillating between critical support and resistance levels on the daily chart. Despite ongoing efforts, the price has yet to breach the formidable all-time high established on March 13th at $73,794.0.

 

Meanwhile, it has maintained resilience above the nearest demand level of $61,447.0, resulting in a recurring pattern of highs and lows within this range. Amidst this backdrop, a bullish trend line continues to underpin the price action, hinting at potential directional shifts.

BTC Key Levels

Supply Levels: $73,749.0, $75,000.0, $80,000.0
Demand Levels: $61,447.0, $44,729.9, $38,437.0

Interpreting Indicators:

1. MACD: The Moving Average Convergence Divergence (MACD) indicator reflects the current oversold condition, evident through persistent red histogram bars. Despite this, it suggests a potential reversal to the upside, signaling a shift in market sentiment.
2. William Alligator: The intertwining of the William Alligator indicator’s strings within the consolidation range underscores the prevailing state of consolidation. This consistent pattern reveals the market’s propensity for lateral movement, indicative of indecision among market participants.

Projection and Analysis: As Bitcoin’s price gravitates towards the lower border of the consolidation range, there are indications of a forthcoming upward reversal. The convergence of oversold conditions and the presence of a bullish trend line provide compelling evidence for a potential reversal towards the previous all-time high of $73,794.0.

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).

Follow @ItuGlobal

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.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Tor FX

• 

  Charles Russell-Pavier

• 

  Anthony Wintle

• 

  Fat Prophets