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BTCUSD Bulges Under Bear Pressure
Bitcoin (BTCUSD) bulges under the pressure exerted by sellers in the current market scenario. Despite its notable upward trajectory within a parallel channel, the coin predominantly skirts along the lower line due to persistent bearish influence, despite the overall price increase.
BTCUSD Key Levels
Supply Levels: $47,000, $50,000
Demand Levels: $45,000, $42,000
There are also some periods where the candles rise to touch the upper border of the parallel channel. At these times, Bitcoin buyers have gained more ground and reduced the pressure placed on the coin. In some higher cases of bearish pressure, the price is seen to drop totally out of the parallel channel.
Having unsuccessfully battered the $47,000 resistance level severally at a point where the level seems to coincide with the upper border of the parallel channel, the market is now dipping. The price has traded below the daily MA period 50 (Moving Average). The daily RSI (Relative Strength Index) indicator has thus gradually slid from the overbought region towards the oversold border.
On the 4-hour timeframe, the MA period 50 line remains above the candlesticks as the price slides towards the lower border of the parallel channel. The RSI on the other hand has not only dropped to the oversold border but has now dropped below it. The bears have had a field day and we can now expect the buyers to take hold of the market again to prevent further drops and also engineer a rally.
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