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Bitcoin Analysis: BTCUSD faces resistance to rising to $34,760.0.
Bitcoin (BTCUSD) is facing downward pressure from bearish sentiment, going by the current market analysis. This is despite the coin being in a general upward trend within an ascending channel. Since bouncing off the $16,360.0 critical level, the price has reached $30,410.0 and struggles to make further progress due to the growing strength of the bears.
BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0
The current resistance prevents Bitcoin from reaching the target price of $34,760.0, despite the bullish flag formation. Nevertheless, for the market, the overall momentum remains in favour of the bulls, and they are expected to drive the price of the coin toward the $34,760.0 significant level.
Examining the past five daily candles, which represent five days, they exhibit a small size and possess a bearish nature. Additionally, these candles exert significant downward pressure on the lower Bollinger Band, when observed in a four-hour timeframe. This shows the bearish influence in the market.
Market Expectations
The daily MACD (Moving Average Convergence Divergence) lines are descending but remain above the zero level. However, on the 4-hour chart, these lines have dropped below the zero level, accompanied by bearish histogram bars. While Bitcoin is facing resistance from bears, the bullish momentum remains intact, providing the potential for a rise toward the anticipated $34,760.0 level.
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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