BTCUSD Leaves Oversold Region as the Price Sets to Break Diagonal Resistance

The diagonal support on the daily chart is still maintaining the higher lows while Bitcoin’s price continues to consolidate. Yet, a significant breakout to the downside from the diagonal support is most likely to be brought about by the selling pressure at the $29190.0 resistance. The $19570.0 support and the $29190.0 resistance make up the current trading range of the market.

BTC Key Levels
Demand Levels: $25215.0, $21478.0, $19570.0
Supply Levels: $34322.0, $32384.0, $29190.0

What Are the Indicators Saying?
Following the rebuff at the 19570.0 support, the Moving Average period nine signaled to buy as the price crossed it to the upside. However, as of now, the price gyrates about the Moving Average period nine as a cross to the downside looms. A swift appreciation in the value of Bitcoin ensued in March after the rebuff at the $19570.0 support. With the swift upward delivery in less than 60 days, the Relative Strength Index moved from an oversold state to an overbought state. According to the RSI (Relative Strength Index) indicator, the price is now leaving the oversold state; therefore, a retracement is likely possible. The market is likely to retrace to the order block of $24000.0.

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).

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.

• 

  Charles Russell-Pavier

• 

  Mary Ann Callahan

• 

  Felipe Erazo

• 

  Neil Woodfine