BTCUSD Enters Oversold State as Price Sinks Deeply Into Discount Array

BTCUSD enters an oversold state as the price sinks deeply into the discount array. The market’s pivotal moment occurred when it touched $19,569.00. This led to a significant reversal, surpassing $24,750.00. BTCUSD continued to climb. It reached a new peak at $31,050.00 but faced a substantial retracement and resistance from a descending trendline.

 

In March 2023, the BTCUSD market witnessed dramatic fluctuations due to overselling. It initially surged to $31,050.00, creating a liquidity gap, but then swiftly retreated to $24,740.00. Notably, a strong rebound from this support level signaled a bullish trend and a recovery from oversold conditions. However, the selling pressure at the $31862.00 resistance dragged the price of Bitcoin downward until it entered a bullish order block. A significant correction or a total reversal to the upside is highly probable from the daily bullish order block.

BTC Key Levels

Demand Levels: $24750.00, $19569.00, $15460.00
Supply Levels: $28661.00, $31050.00, $36800.00

What are the Indicators Saying?

The Moving Averages are currently contrasting as prices expanded upward from the bullish order block. The RSI (Relative Strength Index) indicates that a bullish move is impending as it reveals a bullish divergence with the price. Moreover, the market is currently in an oversold state, which supports the forecast of a massive expansion to the upside.

 

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.

• 

  James Cummings

• 

  Igor Kuchma

• 

  ForexSQ

• 

  Susan Marmor