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.

 

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.

• 

  Quoted Data

• 

  Tor FX

• 

  Ben Branson

• 

  ActivTrades