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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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