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BTCUSD Forms into a Bullish Reversal Formation
Bitcoin (BTCUSD) forms a corrective phase, shaping a bullish reversal flag formation to navigate its market dynamics. Over the past year, the cryptocurrency has witnessed a remarkable surge, registering a staggering 180% price appreciation. However, despite reaching a new all-time high of $73,840, the coin has encountered resistance, leading to a prolonged six-week period of stagnation.
BTCUSD Key Levels
Supply Levels: $69,000, $73,000, $73,850
Demand Levels: $59,000, $60,675, $64,000,
Even with the highly anticipated Bitcoin Halving event occurring during this period, its impact on the market has been minimal. Nevertheless, at present, Bitcoin has assumed the structure of an imperfect bullish reversal flag formation, signaling a potential shift in market sentiment and a return to a bullish trajectory.
On the daily chart, the Parabolic SAR (Stop and Reverse) oscillates around the daily candles within the flag pattern, indicating a downward trend. However, amidst this trend, the Moving Average Convergence Divergence (MACD) lines exhibit signs of reversal, crossing upward with the emergence of bullish histogram bars, hinting at potential bullish momentum.
Market Expectations
Within the lower timeframe, a succession of Parabolic SAR dots lines up below the 4-hour candlesticks, extending towards $64,000. Nevertheless, at this level, BTC price fluctuations allow some dots to transition above the candles. Although the MACD lines have surged above the zero level in this timeframe, a downward cross occurs due to resistance at $64,000. A breakout beyond this level could propel the market back into a bullish trajectory, reigniting upward momentum.
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