Bitcoin (BTCUSD) Bulls React To the Drop in Price

BTCUSD Bulls react to hold up the continuous plunge in the price

BTCUSD bulls reacted to the price drop, momentarily halting the continuous market plunge after reaching $30,410.0. The market’s next target is the $34,760.0 resistance level. However, the bulls have lost momentum, enabling the bears to drive the price below $30,410.0. The bulls have now regained strength, resulting in a market standstill as the next direction is being determined.

BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

Bitcoin (BTCUSD) bulls have responded to the recent price drop, causing a temporary halt to the continuous market plunge. Initially, the price trend showed an upward movement, reaching $30,410.0, with the next target being the $34,760.0 resistance level. However, at this moment, the bulls lost momentum, allowing the bears to disrupt the market structure and swiftly drive the price below $30,410.0.

The bulls have regained strength, leading to a temporary market standstill as the next direction is being negotiated. On the daily chart, the EMA period 25 remains positioned above the market, indicating the bears’ influence. Notably, the Stochastic Oscillator lines exhibit a strong and sharp reaction from the oversold region, rising sharply towards the middle line, reflecting the bulls’ resurgence.

Market Expectations

Examining the 4-hour chart, the EMA period 25 is no longer dominantly above the candles, as both bears and bulls are evenly matched, leading to its sliding through the candles. The Stochastic Oscillator lines display significant volatility, alternating between the oversold and overbought regions at intervals. In this situation, traders should exercise patience and await clear signals indicating the next market direction before making significant moves.

 

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