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.

 

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