BTCUSD Resumes Bullish Trend as Breakout Occurs

BTCUSD resumes its bullish trend as a breakout occurs. The market’s overall bullish trend began with the breakout of price from the consolidation between mid-August 2023 and mid-October 2023. Examining BTCUSD’s recent performance, a consolidation phase unfolds within an ascending triangle, initiated by the sell-side liquidity grab at $40150.00. Apparently, in November 2023, a similar scenario played out. The price converged within an ascending triangle until a massive breakout to the upside.

The market lingered in an overbought state, according to the RSI (Relative Strength Index). Following a structural break, the price continued until it hit the $49102.00 resistance. Once the ongoing consolidation ends, a short-term decline might occur in the FVG (Fair Value Gap) before the price eventually skyrockets beyond the $49102.00 level.

BTC Key Levels

Demand Levels: $38501.00, $31862.00, $26538.00
Supply Levels: $49102.00, $53327.00, $62300.00

What are the Indicators Saying?

The RSI serves as a pivotal metric as it determines the prevailing conditions of the BTCUSD market. As the market approaches the overbought state, this signal suggests an imminent short retracement, directing attention to the Fair Value Gap within the discount zone. The convergence of Moving Averages, as indicated by the MA Cross, hints at a potential resurgence of the bullish trend. This convergence emphasizes a critical juncture, signifying the likelihood of a market shift in favour of buyers.

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