BTC Declines in Bullish Strength

The Bitcoin price has been rising steadily since the price pump in January. The consistent and consecutive daily candles that lined up from 16111.0 expressed the great strength displayed by the Buyers. The retracement in March below the 21547.0 low indicated a drop in the strength of the buyers. The retracement was observed as a means to find support to continue the ascent. The market reached the supply level of 31688.0 in May. The inability to push through the level has fostered another retracement to 27576.0 in April to gain momentum for a breakout above 27576.0.

Bitcoin Key Levels
Demand Levels: 19747.0, 18741.0, 16111.0
Supply Levels: 31688.0, 35000.0, 40000.0

What Are the Indicators Saying?

The bitcoin price has been rising steadily since the daily candles rose significantly over the Moving Averages (periods 50 and 80) in January. The Average Daily Index (ADX) revealed the daunting strength of the Bulls displayed on the daily chart. The Average Daily Index (ADX) swerved above 50 at the end of January to reveal the bullish trend was very strong. The decline in the ADX (Average Daily Index) was observed during the period of the significant pullback to 19747.0 in March. The Stochastic Oscillator swerved into the oversold region upon the pullback. The pullback provided support to resume the uptrend. The price has retraced to find support on the Moving Averages (periods 50 and 80) to aid the breakout above 31688.0.

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