Bitcoin (BTCUSD) Remains On the Front Foot Despite Setback

BTCUSD Remains Assured Despite Another Rejection

BTCUSD remains confidently on course to attain its target of $50,000, undeterred by the recent market setback. Following a consolidation period along the middle line of the parallel channel, the coin exhibited strength, surging above $45,000 and surpassing $47,000 at the confluence with the upper border of the parallel channel.

BTCUSD Key Levels
Supply Levels: $45,000, $47,000, $50,000
Demand Levels: $42,000, $40,200, $38,000

However, by the time of the breakout, BTC buyers were spent, resulting in a swift retracement that crashed the price back to $42,000. At this point, the bulls were revived, but they could only stop further decline beyond the key level. Nevertheless, the bulls are now making attempts; they have dragged the price back above $42,000 and are trying to establish it above the parallel channel mid-line.

The daily candlestick marginally dropped below the MA period 50 (Moving Average) during the price drop, but the candles have now managed to rise back above it. The Stochastic Oscillator lines also confirm the impact of the drop but run from the overbought border to the oversold border. Nevertheless, the lines have crossed upward as they get ready to rise back upward.

Market Expectations

On the 4-hour chart, the market has a way to go to trade above the MA period 50, but doing so will confirm the revival of the bulls. The 4-hour Stochastic Oscillator lines show that the bullish revival is already underway as the lines have bounced off the oversold border and crossed the middle line, moving towards the overbought zone. Bitcoin remains on the front foot and is expected to push again for the $50,000 level.

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