Bitcoin (BTCUSD) Encounters Confluence Resistance at $47,000

BTCUSD Encounters the $47,000 Barrier

BTCUSD encounters a notable obstacle at the $47,000 resistance level, coinciding with the upper boundary of its parallel channel. Despite significant upward movement, the market’s progress has stalled below the $45,000 threshold. However, a consistent upward trend persists along the middle line of the parallel channel.

BTCUSD Key Levels
Supply Levels: $45,000, $47,000, $50,000
Demand Levels: $42,000, $39,800, $33,700

The initial breach of the $45,000 level exerted immediate pressure on the BTC market, resulting in a significant downturn from its ascent along the channel’s middle line. Following a brief period of consolidation, the market has regained momentum, attempting to surpass $45,000, only to encounter confluence resistance at $47,000.

Sustaining support just below the candlesticks, the MA period 25 (Moving Average) has played a crucial role in facilitating the market’s pursuit of higher levels. The MACD (Moving Average Convergence Divergence) indicator indicates sustained buyer control since the ascent above $33,700 in late October of the previous year.

Market Expectations

Examining the 4-hour timeframe, the MA period 25 moved laterally amid a range below $45,000 before a clean surge lifted the price above it. The 4-hour MACD line, rising above the zero level on New Year’s Day, continues its ascent with the surge. A subsequent test could potentially breach the confluence zone and drive the price to $50,000.

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