BTCUSD Approaches Oversold State Signaling Potential Bullish Rebound

BTCUSD approaches an oversold state, signaling a potential bullish rebound. The trading range of BTCUSD remains within the $35000.00 and $50000.00 price levels. BTCUSD appears poised to continue its upward trajectory following the completion of the reaccumulation phase. A sell-side liquidity grab recently occurred beneath the $40150.00 low. Following the sell-side liquidity grab, BTCUSD headed into the bullish order block in the discount zone.

 

The bullish order block formed on December 1, 2023, during the rally that ended at the $45000.00 price level. The bullish order block is likely to lead to a massive expansion to the upside, aligning with the overall market’s trend. In the event of a bullish trend resumption, BTCUSD is anticipated to skyrocket into the premium zone beyond the $49100 high.

BTC Key Levels

Demand Levels: $37800.00, $31900.00, $24900.00
Supply Levels: $43100.00, $46000.00, $49100.00

What are the Indicators Saying?

The market is currently undergoing a major retracement into the discount zone, according to the MA Cross. However, the RSI (Relative Strength Index) signals that the market is currently approaching the oversold region. This suggests an impending rally in the same direction as the overall order flow. While the RSI hints at a bullish resurgence, a slight dip or short-term consolidation at the discount zone might occur first.

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