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BTCUSD Analysis: The Market Continues to React to the $30410.0 Level
BTCUSD is still reacting around the $30410.0 level. The coin is having to grapple with market forces around the $30410.0 significant level. The coin has risen to this level since the 21st of June but hasn’t been able to move in a specific direction despite the bulls’ strength this time. The range is now stretching up to three weeks.
BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0
The Bitcoin market’s continuous rise has hit a snag at the $30410.0 significant level. The coin has been following an upward trajectory since it bounced off the $16360.0 demand zone. The pattern of upward movement has been stepwise as the price systematically breaks through the levels, retraces, and bounces off to break the next level.
This upward trend has hit a wall as the bulls have not been able to pull away beyond the $30410.0 resistance level. As a result, the coin has been fluctuating around this level for three weeks now. On the daily timeframe, the Momentum indicator shows that momentum has dropped massively, even to a negative value. The RSI (Relative Strength Index) has also dropped but remains within the bullish half of its chart.
Market Expectations
In the shorter timeframe, the Momentum indicator is now moving laterally, without any increase or decrease. Meanwhile, the RSI on the smaller timeframe remains in the bullish half of the chart and is holding above the midline. The bulls could yet pull the market by rising above the $30410.0 level if this doesn’t happen this week. The price might drop to consolidate below the $30410.0 level before another rally.
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