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BTCUSD is Ready to Rally to a New Market High
BTCUSD is ready for a potential rally to surpass its previous market highs. After breaking out of an ascending channel that had guided its bullish trajectory since January 2023, the cryptocurrency experienced enhanced market momentum, propelling it to establish a new all-time high at $73,840.
BTCUSD Key Zones
Supply Levels: $75,000, $73,000
Demand Levels: $69,000, $64,000
Following this achievement, the market faced resistance below its newfound ATH. However, bullish sentiment persisted, leading to the formation of a bullish pennant structure. From March, into April Bitcoin consolidated within this pennant, accumulating bullish momentum in preparation for its next move. As of early April, the price has broken out of the pennant and appears poised for another upward surge.
On the daily chart, the Moving Average period 20 (MA period 20) previously traversed through the candlesticks during the pennant phase but has now shifted to a support position below the candles post-breakout. Concurrently, the Elders Force Index (EFI) continues to oscillate around the equilibrium level, signaling potential market stability ahead of a likely surge.
Market Expectations
The 4-hour timeframe reveals a series of price movements: an initial breakout from the pennant, followed by a retracement back into it, and subsequently, another breakout. Here, the MA period 20 serves as a supportive base below the current trading level, reinforcing the price’s upward potential. The EFI, while slightly above the zero level, predominantly fluctuates around equilibrium, suggesting imminent market movement. Overall, market indicators point toward an impending bullish rally for BTCUSD.
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